Crude Oil Spikes to $106 on Hormuz Blockade Woes

US markets pulled back on Thursday, stepping away from record highs as investors navigated a complex mix of earnings signals, geopolitical risk and renewed inflation worries. The Nasdaq led the decline, falling 0.89%, while the S&P 500 and Dow slipped about 0.4% each, weighed down by weakness in technology stocks. Defensive sectors outperformed as caution crept back into sentiment.

Geopolitical uncertainty added pressure, with stalled US‑Iran peace talks and ongoing disruption risks around the Strait of Hormuz pushing Brent crude toward $106 per barrel, reviving inflation concerns and lifting US Treasury yields. The 10‑year yield hovered near 4.3%, reinforcing expectations of prolonged tight financial conditions.

Back home, a risk‑off global tone weighed on the rupee, while Nifty enters a key support zone ahead of today’s open. With volatility rising and crucial levels in focus, staying selective and tactical matters more than ever.

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