Finance

Oil prices declined on Friday after statements indicating that the United States would not launch immediate military strikes against Iran prior to the upcoming November midterm elections. Easing supply disruption fears pushed Brent crude down to approximately $103.45 per barrel and West Texas Intermediate futures toward $90.86 per barrel, though broader Middle Eastern tensions kept prices relatively elevated.

United States government bond yields pulled back slightly to close out the week, providing much-needed relief to equity markets. After the 10-year Treasury note and the 30-year bond yield climbed to their highest levels in over two decades earlier in the week, borrowing costs took a breather as traders recalibrated the likelihood of further interest rate hikes by the Federal Reserve.

Gold futures staged a strong short-term recovery, rising more than 1.5% from the prior day to climb back above $4,200 per troy ounce. Easing geopolitical escalations, lower oil prices, and a softening U.S. dollar index prompted significant bargain-hunting after the precious metal had hit a two-month low earlier in the week.