Finance

Crude oil benchmarks fell considerably following reports that American and Iranian negotiators in New York are discussing a phased arrangement to restore maritime traffic through the critical Strait of Hormuz. West Texas Intermediate crude futures dropped more than 2% to settle near $92 a barrel, while Brent crude dropped beneath $98. The potential de-escalation of Middle Eastern geopolitical tensions significantly alleviated market supply fears that had been keeping inflation worries elevated.

Gold futures logged a weekly decline, hovering around the $4,300 per troy ounce range as the market heavily prices in additional monetary tightening. Recent comments from Federal Reserve policymakers and resilient consumer sentiment data have led traders to price in a nearly 70% probability of an interest rate hike in October. These hawkish expectations, combined with high Treasury yields, have reduced the appeal of the non-yielding precious metal.

Bitcoin stabilized near the $84,000 threshold, netting modest weekly gains despite coming off its multi-month highs established earlier in the week. However, sentiment across the sector was pressured by a major security breach at cryptocurrency exchange Bitget, which paused withdrawals after roughly $350 million was stolen via spoofed transfer data. Reflecting a cautious stance among traders, major U.S.-listed crypto-linked equities like Coinbase and MicroStrategy recorded broad losses during Friday's trading session.