India’s Sensex was down more than 500 points in pre-open trade on Friday, while the Nifty slipped below 23,300. Asian markets also moved lower as rising U.S. bond yields and elevated oil prices weighed on risk appetite. WTI crude futures briefly touched $110 per barrel before easing, while gold and silver futures fell amid firmer expectations of a U.S. Federal Reserve rate hike.

Brent crude futures rose 1% to $108.68 a barrel and WTI gained 1% to $103.45, putting both benchmarks on track to end the week above $100 a barrel for the first time since midMay. Attacks along key Middle East shipping routes stoked concerns about supply disruptions, leaving oil up nearly 13% on the week, the steepest gain since the week ended July 17. Gold was steady near $4,315 an ounce while silver slipped 0.3% to $63.40 an ounce.

O’Charley’s, a 55-year-old U.S. casual dining chain, has closed all 49 company-owned restaurants after completing a strategic review. Same-store sales fell 13.1% year over year in the second quarter. Parent Cannae’s restaurant division posted a $40 million net loss in the quarter and an operating loss of more than $81 million over the past 12 months. Cannae has invested $170 million in the restaurant group and plans to keep monetizing nonstrategic assets to redeploy capital.

Stronger expectations for further U.S. rate hikes kept gold hovering near a one-week low as investors waited for upcoming U.S. CPI data. Spot gold was $4,318.88 an ounce, while December futures fell 1.1% to $4,359.50. The European Central Bank also raised rates to counter energy-driven inflation. Silver, platinum and palladium were broadly lower.

ACV Auctions said it has agreed to be acquired in a transaction valued at $1.9 billion. The deal follows a strategic review launched after the company posted consecutive losses tied to technology expansion and faced pressure on its share price.

The dollar held near its weekly highs while the yen stayed under pressure as concerns over Middle East energy supply disruptions persisted. U.S. producer prices rose 0.4% in August, in line with expectations, driven mainly by a rebound in energy prices. Brent crude futures climbed above $100 a barrel and extended gains in Asia to $108.96. Risk aversion lifted the implied probability of a Fed rate hike next week to 70%, while the U.S. 10-year yield rose to 4.965%.

Copper miners led declines on the Australian Securities Exchange on Friday as investors questioned whether the United States will move ahead with tariffs on the metal. Develop Global, Capstone Copper and Sandfire Resources posted the steepest falls, while BHP and Rio Tinto also traded lower. Copper prices have risen about 15% year to date and recently hit record highs, helped in part by strong US import demand ahead of possible tariffs.

A global selloff in bond markets has pushed government yields to multiyear highs, while escalating tensions in the Middle East lifted Brent crude to nearly $US109 a barrel and intensified inflation concerns. Investors are increasingly worried that highly valued equity markets are nearing a tipping point, and that central banks may be forced to raise rates in a way that triggers a recession. The Australian share market’s selloff has deepened amid those fears. A US Treasury debt buyback came in below expectations and did little to calm the bond-market turbulence.