Finance

U.S. Treasury yields eased from recent multi-year highs following reports that the administration is in the final stages of negotiations regarding the conflict in Iran. The 10-year Treasury yield dropped approximately 9 basis points to roughly 4.57%, providing significant relief to rate-sensitive sectors that have been pressured by rising borrowing costs.

Energy markets experienced a sharp correction as crude oil prices fell more than 5% in a single session. West Texas Intermediate futures dropped below $99 per barrel after the administration indicated a resolution to the regional conflict could be imminent, easing global supply concerns that had driven gasoline prices higher.

Minutes from the Federal Reserve's April meeting showed that a majority of officials now consider interest rate hikes a possibility to combat resurgent inflation. The central bank is undergoing a leadership transition as Kevin Warsh prepares to take over as chair, amidst internal divisions over how to handle economic volatility caused by recent geopolitical tensions.