Finance

Oil prices ticked slightly lower after a series of geopolitical announcements, including a new arrangement with Russia to supply diesel to global markets. Additionally, the U.S. administration clarified that it does not plan to initiate strikes against Iran ahead of upcoming midterm elections, calming energy markets. Despite the small daily retreat to around $104 per barrel for Brent crude, ongoing shipping disruptions near the Strait of Hormuz kept global oil prices highly elevated.

The 10-year Treasury yield held relatively steady, closing near 5.24% after peaking at a 24-year high of nearly 5.37% earlier in the week. Government bond markets showed signs of stabilization following strong investor demand at recent multi-billion dollar debt auctions. Market participants continue to balance high inflation concerns against a shifting outlook for Federal Reserve interest rate hikes.

Cryptocurrency markets stabilized as Bitcoin bounced back toward the $82,500 level, recovering from a brief drop down to the $80,300 mark. The digital asset's stabilization was supported by easing macroeconomic anxieties and positive international regulatory developments, such as Thailand opening doors to locally listed spot crypto ETFs. Despite the late-week recovery, Bitcoin remained down roughly 4% over the seven-day period.