Brent Crude Rises Above $111 as AI Stocks Decline, Pulling Down Global Markets

Brent crude rose 2.6% to $111.66 a barrel on Thursday, reaching its highest level in five months, while major indices fell, including the Nasdaq down 1.5% and the S&P 500 down 0.8% by mid-morning in New York. This decline was driven by slides in AI-linked stocks such as Nvidia, which fell 2.3%, Meta (down 5.8%), and Lam Research (down 7.7%). Global markets also saw declines, with South Korea's Kospi falling 3.52%, Japan's Nikkei 225 dropping 2.65%, and Hong Kong's Hang Seng losing 3.03%. The 10-year Treasury yield is at 5.03%, and the Fed's next rate decision is due on Oct. 28.