The price of oil on jumped sharply Thursday, as President Donald Trump weighs whether to resume large-scale U.S. military operations in Iran in the coming weeks.
\n\nBrent crude oil rose more than 5% to over $105 per barrel in early trading, while U.S. crude oil rose almost 5% to nearly $93 per barrel. Benchmark diesel futures jumped 4.5% in European trading. Heating oil, a proxy for jet fuel, rose more than 4%.
\n\nThe move higher in oil prices also pushed up bond yields. The 10-year Treasury yield, which heavily influences consumer borrowing rates, jumped to 5.35%. That level effectively reversed a drop in yields seen late Wednesday. The yield on every other Treasury bond also rose.
\n\nU.S. stock futures dropped in response. S&P 500 futures fell 0.6% and Nasdaq 100 futures slid 0.8%. Futures for the Russell 2000, which tracks small and medium sized companies, fell 1%.
\n\nNo decisions have yet been made yet about resuming combat operations in Iran, people familiar with the discussions told NBC News.
\n\nBut with the midterm elections less than a month out and early voting already underway, any substantial action by the Trump White House in the coming weeks would be likely to have…
Original source: https://www.nbcnews.com/business