Oil Jumps Near $90 On Iran Risk, California Utilities Crater: Stock Market Today
Key takeaways
- Oil jumps to $90 amid Iran risk, Treasury yields climb, California utilities tumble on wildfire bill.
- WTI crude 85.49
- Brent 90.47
- 10‑year yield 4.76%
What happened
Crude oil prices surged to near $90 a barrel after renewed U.S.–Iran strikes, pushing the 10‑year Treasury yield to its highest level since January 2025 and dragging U.S. equities lower. California utilities Edison International and PG&E plunged 23.1% and 18.6% respectively after a wildfire‑response bill was passed that tightened liability protections, while other stocks such as Tesla, Roblox and Ascendis Pharma rallied on positive news.
Why it matters
Higher oil prices feed inflation expectations, tightening monetary policy and weighing on growth‑sensitive sectors. The spike in Treasury yields signals a shift toward a tighter stance, affecting borrowing costs for corporations and households. The sharp drop in California utilities highlights regulatory risk for the…
Short-term and longer-term
Short-term. Oil’s jump to $90 a barrel and the 10‑year yield rise to 4.76% suggest a short‑term tightening bias; traders should watch the 10‑year curve for further steepening and monitor energy‑sector ETFs like XLE and OIH for…
Longer-term. Over the next few weeks, the energy sector could benefit from sustained high oil prices, supporting companies like Chevron (CVX) and energy ETFs.