WTI Crude Surges 3% to $104/Barrel on Trump China Oil Comments, Spiking Yields

U.S. WTI crude oil rallied over 3% to $104-$104.60 per barrel after President Trump indicated China could buy more American oil, fueling inflation worries and pushing Treasury yields to multi-year highs. The 10-year yield topped 4.56%—its highest in a year—while the 30-year exceeded 5.1%, dragging S&P 500 and Nasdaq futures down 1.1-1.6% premarket. Tech and semiconductor stocks cooled despite mixed earnings and analyst calls, with oil's advance dominating sentiment in early trading updates.