Finance

Brent crude settled above $104 per barrel following ongoing reports of vessel strikes near the Strait of Hormuz. Although a newly announced agreement for Russia to supply diesel to U.S. and global markets provided some minor relief, international and domestic oil futures remain sharply higher. These sustained energy costs continue to fuel broader inflation concerns among consumers.

The cryptocurrency market faced notable downward pressure due to tightening financial conditions and expectations of further Federal Reserve interest rate hikes. Bitcoin experienced sharp intraday volatility alongside over $700 million in total market liquidations driven by heavy long leverage. The risk reversal triggered a simultaneous drop in major crypto-linked equities like MicroStrategy and Coinbase.

The benchmark 10-year Treasury yield fluctuated slightly to finish the week at 5.24%, lingering near its highest levels in 24 years. Fixed-income trading closed early ahead of the Columbus Day holiday as investor attention pivots to corporate financial health. Main Street lenders, including JPMorgan Chase and Citigroup, are scheduled to kick off the third-quarter earnings season next week.