Finance

Crude oil futures turned lower following a week of substantial price volatility driven by geopolitical developments. Brent crude dropped back below key thresholds, while West Texas Intermediate neared $92 a barrel as market participants tracked reports of progressing discussions between Washington and Tehran. Speculation regarding a phased diplomatic agreement to reopen the strategic Strait of Hormuz provided a temporary reprieve to tight global supplies.

The fixed-income market experienced dramatic movements as the 10-year Treasury yield briefly surged to 5.22%, marking some of its highest levels since 2007. Yields subsequently moderated downward toward the end of Friday's trading session, providing relief to equities. High borrowing costs continue to be fueled by stubborn inflation risks, large government debt obligations, and strong economic indicators.

Spot gold prices stabilized around $4,300 per ounce, remaining under pressure due to a strengthening U.S. dollar and elevated bond yields. Despite losing more than two percent over the week, the precious metal remains up roughly 14% on an annual basis. Market expectations pinning the probability of an October Federal Reserve interest rate hike near 70% have continued to weigh on non-yielding assets.