US 10-year Treasury yields surpassed 4.5% while Japan's 30-year debt touched 4% for the first time since 1999. In the United Kingdom, a political crisis pushed long-bond rates to a 28-year high, with the 10-year gilt yield jumping 15 basis points to 5.14%.
"The dollar extended its weekly gain. US crude settled above $105. With no end in sight to the Iran dispute, suspicion has grown that an effective closing of the Strait of Hormuz will exacerbate energy difficulties."
Brent crude rose to $109.26 per barrel, up $3.54 or 3.35%, as Iran's Foreign Minister warned that all vessels except those "at war with us" could pass through the Strait of Hormuz — a waterway carrying 20% of global oil supply.
Technology shares led declines across Europe and Asia. South Korea's Kospi tumbled 6.1% as investors took profits in Samsung Electronics and SK Hynix. Nvidia fell 2.3% in premarket after a seven-session winning streak.