Finance

Energy prices fell significantly as rumors of a potential U.S.-Iran peace deal surfaced, potentially reopening the Strait of Hormuz to global oil traffic. Brent crude dropped over 3% to settle near $90 per barrel, providing a much-needed relief for equity markets that had been weighed down by high energy-driven inflation.

The University of Michigan's Consumer Sentiment Index rose to 48.9 in early June, recovering from a record low as gasoline prices stabilized. Additionally, year-ahead inflation expectations eased to 4.6%, suggesting that households are starting to feel a modest reprieve from the intense financial pressures seen earlier in the year.

The cryptocurrency market showed signs of a recovery attempt as Bitcoin climbed above $64,000, supported by $85.9 million in net inflows to U.S. spot ETFs. This upward movement followed a period of heavy losses and was bolstered by the broader risk-on sentiment triggered by geopolitical developments.