Finance

Global oil prices saw a significant pullback as Iran submitted a new proposal for peace talks, easing immediate concerns over a blockade of the Strait of Hormuz. West Texas Intermediate futures fell nearly 4% to approximately $101 per barrel, providing a relief rebound for broader markets despite ongoing regional uncertainty and the UAE's recent exit from OPEC.

The Federal Reserve maintained interest rates between 3.5% and 3.75%, with markets now pricing in nearly zero cuts for the remainder of the year. While a leadership transition is underway as Kevin Warsh advances toward the chair position, persistent inflation and a strong GDP reading of 2% for the first quarter have shifted the focus toward a higher-for-longer policy stance.

Bitcoin has shown steady recovery above key technical levels, supported by a reversal of previous outflows as spot ETFs captured billions in new capital during April. While Ethereum and various altcoins face more cautious sentiment due to tighter global liquidity, increasing regulatory clarity and the anticipation of new reporting rules for exchanges in 2026 are providing a more structured environment for digital assets.