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      Brent Crude Surpasses $106 Amid Rising Rate Hike Expectations and Crypto Market Decline

      Brent crude oil prices surged to $106.83 per barrel on September 10, marking a 5.6% increase for the day and the highest level since May 19, 2026. This rise follows a series of geopolitical tensions, including the destruction of five Iranian oil tankers by U.S. Central Command on September 8, after the Islamic Revolutionary Guard Corps targeted a U.S. Navy warship. The price of Brent has increased by 11.7% since September 2, when it was priced at $95.63 per barrel.

      The spike in oil prices has contributed to a significant rise in long-dated Treasury yields, with the 10-year Treasury yield reaching 4.92%, the highest since October 2023. This has led traders to raise the odds of a Federal Reserve interest rate hike at the upcoming meeting to 64%. The Bureau of Labor Statistics reported a 0.4% increase in the Producer Price Index for August, further fueling inflation concerns and influencing market expectations regarding monetary policy adjustments.

      In the cryptocurrency market, nearly all major tokens experienced declines. Bitcoin fell by 2.1% to $77,120, while Ether dropped 1.9% to $2,448.88. The total market value of cryptocurrencies decreased to $2.64 trillion, with Bitcoin dominance at 58.5%. The downturn in crypto prices coincided with outflows from U.S. spot bitcoin ETFs, which recorded $120.2 million in outflows on September 9 and $46.6 million on September 8, following a period of significant inflows earlier in the month.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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