Oil surge, higher yields weigh on markets as Iran tensions persist

Global markets fell Friday as oil surged and long‑term U.S. bond yields climbed amid Iran tensions and tepid progress from Trump’s China trip, with the S&P 500, Nasdaq and Dow down and mortgage rates near 6.65%. Investors worry about inflation and the Fed path, while European and Asian yields moved higher on energy concerns; no major Beijing deliverables or Hormuz breakthroughs emerged, and a Boeing–China deal remained uncertain.