Finance

Global oil prices rose sharply, with the international Brent benchmark closing above $100 per barrel for the first time in two weeks. This increase was fueled by ongoing geopolitical tensions in the Middle East and reports of ship seizures in the Strait of Hormuz, despite a pause in active aerial conflict.

The cryptocurrency market experienced gains as Bitcoin reached an 11-week high, testing resistance levels around $79,000. Investors appeared to favor digital assets as risk-on sentiment returned following the indefinite extension of a ceasefire in the U.S.-Iran conflict.

Recent earnings reports from major companies like GE Vernova and UnitedHealth have exceeded analyst expectations, bolstering investor confidence. While Tesla reported tepid sales growth, many firms continue to demonstrate robust profitability even as they navigate high energy costs and inflation.

The U.S. 10-year Treasury yield held relatively steady at approximately 4.3% as the market digested new 20-year bond issuances. Demand for long-term government debt remained firm, with a $13 billion auction of 20-year bonds clearing at a yield of 4.883%, slightly lower than pre-auction expectations.

Cannabis-related equities saw significant gains following reports that the Trump administration is nearing a decision to move marijuana to Schedule III. Although this change would not represent federal legalization, it is expected to provide substantial tax relief to the industry by eliminating certain financial penalties.