Finance

Oil prices have retreated from recent highs following the announcement of "Project Freedom," an initiative aimed at securing safe passage for civilian vessels through the Strait of Hormuz. West Texas Intermediate crude futures fell nearly 3% to approximately $101 per barrel as diplomatic efforts between the U.S. and Iran showed signs of progress. Despite this relief, analysts warn that energy costs remain a primary risk to global growth and inflation forecasts for the second half of the year.

The Federal Reserve has kept interest rates unchanged in the 3.5% to 3.75% range for the third consecutive meeting. Outgoing Chair Jerome Powell confirmed he will remain as a governor even after his term as chair ends on May 15, while Kevin Warsh moves closer to Senate confirmation as his successor. Markets are closely watching this transition, as upcoming economic data like the April jobs report will dictate whether the central bank maintains its current hawkish stance.

The cryptocurrency market continues its upward trajectory, with Bitcoin trading near the $80,000 mark following a nearly 12% gain in April. This performance represents the digital asset's strongest monthly growth in a year, largely driven by substantial inflows into spot ETFs totaling over $600 million. While Bitcoin remains about 38% below its 2025 all-time high, increased market dominance is currently fueling a speculative surge in various altcoins.