Asian markets fall as Gulf drone attacks push oil higher
Asian markets took a hit on Monday after drone attacks in the Gulf pushed up oil prices, while the Strait of Hormuz remained closed to all but a trickle of shipping.
This pushed Brent crude to $110.63 a barrel and bumped up US crude by 1%.
Higher energy costs also made bond yields climb, sparking fresh worries about inflation.
Analysts: oil $130-$140 a barrel
If these Gulf disruptions drag on, analysts say oil prices could shoot up to $130 to $140 a barrel, making everything from travel to groceries more expensive.
Rising costs have already nudged US Treasury yields higher, meaning central banks might hike interest rates again soon.
Meanwhile, all eyes are on NVIDIA's earnings (AI hype is real), and G7 finance ministers are meeting in Paris to talk oil shortages and supply chain headaches.