Tuesday, September 15

Oil remained the session’s central macro driver as Houthi attacks on Saudi military sites continued and Saudi Arabia shut its East-West pipeline. Brent held above $104 and traded as high as roughly $110, while WTI remained near $100. Newsquawk also cited Iranian Parliament Speaker Mohammad Baqer Ghalibaf’s claim that Iranian forces controlled the Strait of Hormuz and would prevent enemy vessels from crossing.

The supply and shipping risks fed directly into broader markets: European equities fell, the dollar strengthened, and Treasury yields stayed near multiyear highs as traders priced a more difficult inflation backdrop. Gold slipped below $4,300 under pressure from higher yields and the firmer dollar. The important shift is that oil is no longer merely a commodity move; it is reinforcing the rates shock confronting the Federal Reserve.

The 10-year Treasury yield climbed to about 5.04%, its highest level since 2007, while Bunds and U.S. notes also weakened. Markets were positioned for the Federal Reserve to raise rates by 25 basis points to a 3.75%–4.00% range, with Reuters reporting that 86 of 101 economists expected the move.

That combination left equities broadly exposed: the S&P 500 fell 0.48% to 7,620, while the Stoxx 600 dropped 0.8%. The dollar index held near 99.6, USD/JPY approached 155, and EUR/USD slipped toward 1.15. Reuters also pointed to higher crude prices, Treasury yields, and caution around AI-related valuations as pressures on Wall Street. With the hike largely anticipated, the market’s sensitivity now shifts to the Fed’s statement and how it frames the inflation consequences of energy disruption.

The U.S. Senate blocked further consideration of the Digital Asset Market Clarity Act in a 49–50 procedural vote, leaving crypto market-structure legislation stalled before the recess. The setback removes a near-term legislative catalyst for an industry seeking clearer rules for digital assets.

Bitcoin fell toward $76,000 and Ethereum toward $2,400, while liquidations exceeded $770 million. The decline therefore reflected both the policy disappointment and the same rates-driven pressure weighing on other risk-sensitive assets. With the dollar firmer and Treasury yields near 5%, crypto is trading less like an isolated regulatory theme and more like a leveraged macro exposure until legislative momentum returns.