March S&P 500 E-Mini futures (ESH26) are trending down -0.53% this morning as Treasury yields continued to rise after another surge in oil prices stoked concerns that the Middle East conflict would drive inflation higher.
The 10-year T-note yield rose three basis points to 4.17%. The price of WTI crude climbed more than +5% after data showed maritime traffic through the Strait of Hormuz had come to a near standstill. Also, Qatar’s energy minister told the Financial Times that the conflict could compel Gulf energy exporters to shut down production within weeks, a move that might push oil toward $150 a barrel. Oil prices initially edged lower after U.S. Treasury Secretary Scott Bessent announced a temporary measure to ease pressure on oil supply stemming from the conflict.
