ASX Set to Open Lower as Oil Prices Surge Above $100 and Bond Yields Rise

If you need a refresher before the ASX opens for trading today, catch David Chau's finance report.

David spoke about the fact the ASX dropped to a seven-week low as markets were spooked by oil prices jumping above $US100 per barrel and government borrowing costs rising to their highest level in years.

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Good morning and happy Friday!

Business reporter Lin Lin here to guide you through the morning on the markets blog, covering the latest business news.

It’s a less-than-happy lay of the land for markets again today (and that's putting it mildly).

Overnight, Brent crude surged 7.5%, while WTI is now above US$100, after the biggest rise in attacks on shipping since the Iran war began spurred concerns about further supply disruptions.

That prompted losses on Wall Street and in the bond market, with the US 10-year yield hitting 4.96%. Remember, bond prices and yields move in opposite directions.

The Australian share market is set to follow suit, with futures pointing to a 0.9% fall at the open.

The Australian dollar is also 0.85% lower at 71.5 US cents.

I’ll be back shortly with plenty more.

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