Oil rally lifts bond yields, weighs on gold
A renewed surge in oil prices pushed government bond yields higher and weighed on global stocks and gold as fresh U.S.-Iran fighting revived concerns over prolonged disruption to energy flows through the Strait of Hormuz.
Brent crude futures rose $4.16, or 4.6 percent, to settle at $94.65 a barrel on Sept. 1, their highest close since July 24.
Prices extended their gains in early trading on Sept. 2, climbing to around $95.60.
The advance followed new U.S. strikes on Iranian targets and further threats from both sides, increasing concerns over crude shipments through the Strait of Hormuz.
