Finance

Crude oil futures retreated from earlier intraday highs following announcements that immediate military operations in the Middle East would be delayed until after the upcoming midterm elections. Despite this brief relief and a new diesel supply deal with Russia, persistent tensions near the Strait of Hormuz kept international benchmark Brent crude priced firmly above the $100 per barrel threshold.

The benchmark 10-year U.S. Treasury yield hovered around 5.25%, remaining close to a 24-year high established earlier in the week. Yields and the U.S. dollar index have seen upward pressure as investors digest hot inflation figures and prepare for potential upcoming interest rate hikes from the Federal Reserve.

A preliminary report from the University of Michigan revealed that consumer sentiment is dropping sharply, particularly among lower-income Americans. Individuals surveyed raised their expectations for year-ahead inflation to 4.7%, citing the compounding domestic economic pressure driven by conflict overseas.