Finance

International crude benchmarks tumbled over 3%, with Brent crude falling below $88 a barrel. The steep drop occurred despite the U.S. administration announcing expanded secondary sanctions against Iran, termed an "economic D-Day." Traders brushed off supply concerns as the newly implemented economic measures bypassed direct penalties on major Asian refiners and oil pipelines.

U.S. government bond yields dropped across the curve, with the 10-year Treasury yield slipping below 4.64%. The retreat follows a powerful signaling effect from the Treasury Department's decision to double its long-term debt buyback program to $4 billion per session. Stronger-than-expected demand at a $69 billion auction of two-year notes further helped ease immediate inflation and deficit concerns.

Bitcoin briefly crossed the $80,000 threshold for the first time in over three months, driven by accelerating institutional inflows into spot ETFs and a massive short squeeze that liquidated billions in bearish positions. Investors are turning heavily toward alternative scarce assets due to growing anxieties surrounding currency debasement, heightened inflation, and expanding fiscal debt. Optimistic regulatory sentiment fueled by recent high-level political meetings also supported the momentum.