Global markets began a data-heavy week under pressure as Brent crude climbed above $106 a barrel, Treasury yields remained elevated and traders increased bets on another Federal Reserve rate increase. S&P 500 futures fell 0.3% and Nasdaq futures declined about 0.5%, while the 30-year Treasury yield reached 5.52%, near its highest level since 2004. Brent rose 2.1% after President Trump rejected Iran’s proposal to reopen the Strait of Hormuz and is up almost 18% this month, with record diesel prices threatening to extend the energy shock into transport, manufacturing and consumer prices. Asian equities weakened, the dollar index reached a two-month high near 101.39, gold fell about 2% below $4,200 and Bitcoin slipped 1.5% to $83,000. Traders assign about a 66% probability to another Federal Reserve increase in October, with roughly 90 basis points of additional tightening priced through late 2027. Investors now turn to US job openings, the Reserve Bank of Australia’s rate decision, PCE inflation, ISM manufacturing and Friday’s employment report, alongside Micron’s earnings and guidance for signals on the AI trade.