Finance

Crude oil prices fell significantly this week, with Brent trading around $79 a barrel as a peace agreement between the United States and Iran eased supply shock fears. The reopening of the Strait of Hormuz has led to a nearly 9% weekly drop in oil, bringing US gasoline prices below $4 a gallon for the first time in two months.

In his first policy meeting as Chair, Kevin Warsh signaled a strong commitment to inflation control, prompting traders to fully price in a rate hike by October. While the federal funds rate remained steady for now, updated economic projections and a unanimous board vote suggest further tightening may be necessary before the end of 2026.

After a massive initial public offering that briefly made Elon Musk the world's first trillionaire, SpaceX shares have experienced consecutive days of declines. The stock fell roughly 4% in recent trading sessions as investors weighed the company's significant capital needs and its nascent artificial intelligence operations against its competitive edge in space connectivity.