The U.S. stock market is drifting in mixed trading Wednesday, while oil prices climb another 3% as fighting continues in the war with Iran. The S&P 500 was virtually unchanged, coming off its best day in three weeks,

Bond yields continued to climb on Wednesday as oil prices rose amid an escalating conflict in the Middle East.

Asian shares were mostly higher Wednesday following a rally on Wall Street, despite concerns about higher oil prices and inflation. Japan’s benchmark Nikkei 225 rose 1.9% to 67,511.12, after the government reported that both imports and exports rose last month from a year earlier,

The risk of continued fighting and a threatened blockade in the Red Sea added to uncertainty about the flow of energy from the region.

Brent crude briefly topped $95 a barrel Wednesday after an 11th consecutive night of U.S. strikes against Iran, with Fed rate hike odds climbing

American forces have started the ninth consecutive night of strikes against Iranian targets.

Global oil prices on Tuesday notched their largest two-day rise since mid-March, buoyed by further escalation in the U.S.-Iran conflict.

CNN News Central’s John Berman and CNN Senior Business Reporter David Goldman go over what’s causing oil prices to rise over the past week and what this will mean for consumers.

By Jiaxing Li HONG KONG, July 21 (Reuters) - The U.S. dollar hovered near a one-week high on Tuesday, with markets torn between conflicting Middle East signals, as hostilities in the region stoked renewed fears over energy supplies while hopes for a ceasefire offered some relief.

Tech stocks slump Wednesday ahead of the first big earnings of the season from the hyperscalers and as bond yields and oil rise on U.S.-Iran escalation