Finance

U.S. benchmark crude oil futures fell over 2% to finish around $92.41 a barrel, while Brent crude dropped below $98. The downward movement in global energy prices followed reports that U.S. and Iranian negotiators are actively discussing a phased deal. Market participants are monitoring the talks closely, as an agreement could reopen the strategically critical Strait of Hormuz within a week.

The 10-year U.S. Treasury yield cooled slightly to finish at 5.18% after climbing to multi-decade peaks near 5.22% earlier in the week. Yields briefly caught a break as falling oil prices tempered immediate inflation expectations. However, fixed-income markets remain highly strained following the Federal Reserve's recent interest rate hike and growing expectations of further monetary tightening later this year.

Cryptocurrencies have managed to sustain upward momentum, with Bitcoin reversing its typical historical losses for the month of September. Despite recent headwinds from a Federal Reserve rate hike and the legislative failure of the CLARITY Act in the Senate, Bitcoin held monthly gains above 2%. Prices had recently touched eight-month highs above $85,000, supported by a surge in short sellers and broader macroeconomic resilience.