Finance

Oil prices retreated slightly from recent multi-year highs after President Trump announced that no military strikes would be carried out against Iran prior to the upcoming midterm elections. Additionally, the unveiling of a bilateral agreement for Russia to supply diesel to global and domestic U.S. markets helped alleviate near-term energy supply constraints. Despite the marginal pullback, Brent crude remained elevated above the $100 per barrel mark due to reports of ongoing maritime attacks near the Strait of Hormuz.

Long-dated U.S. Treasury yields experienced a modest retraction at the end of the week, offering critical relief to equity markets. The benchmark 10-year yield stabilized below 5.25% after flirting with its highest level in 24 years earlier in the week. Fixed-income investors remain cautious as persistent geopolitical risks and rising consumer inflation expectations keep the possibility of future Federal Reserve rate hikes on the table.

Cryptocurrency markets found a steady footing following a week of broad-based liquidations and digital asset underperformance. Bitcoin stabilized around the $82,300 mark, moving upward from its lowest opening levels in nearly three weeks. The stabilization was heavily underpinned by the temporary de-escalation of geopolitical tensions in the Middle East, though the primary cryptocurrency remains down roughly 4% over the week.