Finance

Crude oil prices fell significantly, with Brent crude slipping below the $98 mark and West Texas Intermediate nearing $92 a barrel. The selloff was driven by emerging reports that American and Iranian diplomats are negotiating a phased agreement at the United Nations. Analysts noted that the potential de-escalation could lift blockades and reopen the vital Strait of Hormuz energy transit corridor.

A historic selloff in the fixed-income market paused, allowing bond yields to pull back slightly from their highest points since 2007. The 10-year U.S. Treasury yield settled around 5.17% after briefly spiking to 5.225% earlier in the week. Despite the late-week stabilization, overall interest rates remain at highly elevated levels, continuing to put upward pressure on broader consumer loan and mortgage products.

The final September reading of the University of Michigan's consumer sentiment index registered at 48.1, marking a decline from August's level of 51.7. Although the final print was slightly better than the preliminary estimate, the data highlights growing public pessimism regarding the economy. High national gasoline prices and rising long-term inflation expectations continue to weigh heavily on consumer outlooks across the political spectrum.