Finance

Crude oil benchmarks experienced an intraday decline following a confirmation that there would be no immediate updates or military actions involving Iran prior to the upcoming midterm elections. Additionally, the announcement of a new agreement with Russia to channel extra diesel into global markets further checked the geopolitical premium. Despite these balancing factors, persistent maritime friction kept Brent crude trading above the $100 per barrel mark.

The tech-heavy Nasdaq overcame heavy losses from earlier sessions that were triggered by reports that OpenAI's annualized revenue fell short of initial projections. Markets stabilized as clarity emerged regarding the AI revenue landscape, offsetting downbeat global sentiment that saw an Nvidia-backed cloud entity halt a major initial public offering in Australia.

The 10-year U.S. Treasury yield stabilized around 5.24%, remaining slightly below the multi-decade high of 5.37% set mid-week. The broader bond market volatility has been reinforced by recent Federal Reserve minutes, which led to a fourth consecutive weekly gain for the U.S. dollar index as market participants position for potential rate increases later this year.