Pre-Markets in Red on Higher Crude Oil Prices

Tensions are increased on the global oil market this morning, seeing a +2% hike in spot oil prices and stock market futures tumbling into the red as a result. Drone attacks on both Saudi and Russian infrastructure — two of the world's biggest oil producers — as well as continued attacks on tankers in the Strait of Hormuz are sending oil prices per barrel (/bbl) to $99 on WTI and $112 on Brent, which is back up to a five-month high. Of course, this is all happening within two weeks of the U.S. midterm elections. The Dow is -285 points at this hour, with the S&P 500 -69 and the Nasdaq -479 points. The small-cap Russell 2000 is presently down -16 points. Meanwhile, bond yields have all receded so far this morning: the 10-year is +5.038%, the 2-year +4.