Headlines:Brent crude above $100 and 10-year Treasury yields above 5% give markets a double testSNB leaves policy rate unchanged at 0% in September meeting, as widely expectedUSD/JPY races to three-week high above 158 as buyers eye a technical break higherGold prices slide toward last week’s lows as 10-year Treasury yields blow past 5.10%Crude oil extends gains as expectations for an earlier end to the Iran war fade. What's next?How to trade Nasdaq today: Three areas worth watching while you wait for opportunityFed policymaker Williams says another rate hike this year is "reasonable" as inflation is the main obstacleGermany business sentiment improves further in September despite price concerns - IfoBitcoin extends losses as higher oil prices and Fed rate hike bets weigh on the crypto marketMarkets:WTI crude up 0.7% to $93.4210-year Treasury yields up 1 bps to 5.12%USD leads, JPY lags on the dayGold down 0.5% to $4,265European stocks lower; S&P 500 futures down 0.6%Bitcoin down 1.1% to $83,410It was an eventful session in European morning trade today, with investors having to deal with two main pressure points in broader markets.Oil prices are moving higher again, as US-Iran diplomacy hopes fade as talks don't seem to be yielding a breakthrough. WTI crude oil is pushing higher by 0.7% to $93.42 with Brent crude's November contract briefly touched above $105. That is putting inflation fears back in focus alongside another surge in bond yields.10-year Treasury yields briefly hit 5.15% during the session, their highest since 2007, in extending the breakout from yesterday. The move here continues to reverberate across broader markets, delivering a warning signal to risk assets in particular.Equities were already hit yesterday and are being dragged lower again today as a result. European indices are holding lower with the DAX down by 0.4% and CAC 40 down by 0.2%. At the margin, the losses seem to be relatively contained. However, the danger is that another leg higher in yields will put more pressure on equity valuations, as higher discount rates reduce the present value of future earnings and tighten financial conditions.US futures are also settling lower, with S&P 500 futures down 0.6% and Nasdaq futures down by 1.0% with Wall Street poised to extend yesterday's drop at the open today.The other key event for markets on the session was the SNB policy decision. The Swiss central bank left its policy rate unchanged at 0% as expected but opted to soften its intervention stance on the franc currency.The SNB removed the wording on its "increased willingness" to intervene in the FX market back in June, and instead now mentioned that it is "willing to be active" in the FX market.That doesn't mean the SNB is stepping away from intervention altogether but after a 3% move higher in EUR/CHF since June, they are sending a message that they do not need a heightened intervention stance anymore. The franc weakened on the decision with EUR/CHF rising further from 0.9380 to 0.9410.Besides that, the dollar continues to go from strength to strength amid the backing of higher Treasury yields. EUR/USD is down 0.1% to 1.1370 while USD/JPY is up 0.3% to 158.78 on the day.And in other markets, gold is finding itself in a tough spot as the non-yielding metal is down 0.5% to $4,265 and closing in on last week's low.It's all about higher oil prices and surging bond yields as we look to US trading later. Broader markets are clearly unsettled and that is leading to a more cautious risk mood, with stocks on the backfoot again. This article was written by Justin Low at investinglive.com.