Brent crude surged 2.7% to a three-week high, while U.S. oil approached the significant $100 per barrel mark.
The ongoing impasse continues to restrict essential energy supplies through the Strait of Hormuz, driving global fuel costs higher.
Wall Street futures showed signs of fatigue, with the Nasdaq slipping 0.4% as energy-driven inflation concerns resurfaced today.
Market participants now pivot toward corporate earnings from tech giants like Microsoft and Alphabet to sustain current rallies.
Meanwhile, the Bank of Japan maintained interest rates, though a hawkish internal split signaled potential future policy shifts.
The yen hovered near the critical 160 level, sparking fears that Tokyo might soon intervene in currency markets.
Investors expect the Federal Reserve and Bank of England to provide further clarity on global pricing pressures this week.
Despite the uncertainty, the dollar remains a preferred safe-haven asset while analysts monitor the shifting geopolitical landscape closely.
