Finance

Global energy benchmarks slid lower on Friday after reports emerged that Iran had proposed a plan to pause the conflict and restore shipping lanes within a week. West Texas Intermediate futures fell over 2% to trade around $92 per barrel, while international benchmark Brent crude dipped beneath $98 per barrel. The decline in energy costs offered some relief to investors worried about persistent economic inflation.

The bond market faced significant volatility as the 10-year Treasury yield surged to roughly 5.18%, reaching its highest point since the global financial crisis. Fixed-income selling was accelerated by a University of Michigan survey showing that consumer short-term inflation expectations rose to 4.6% for the year ahead. Yields temporarily eased toward the end of Friday's session as the broader selloff paused.

Gold futures moved slightly upward to hover near $4,300 per troy ounce as a global pullback in government debt yields countered other macroeconomic headwinds. The precious metal faced opposing pressures from a strong U.S. dollar and fears of upcoming interest rate increases from the Federal Reserve. Over the past year, gold has maintained substantial upward momentum, sitting hundreds of dollars higher than its valuation last autumn.