Finance

Crude oil futures drifted slightly lower following a declared agreement with Russia for diesel supply alongside presidential assurances regarding delayed military actions involving Iran. International benchmark Brent crude stabilized at approximately $104 per barrel, while West Texas Intermediate slipped to just over $91 per barrel. Despite the minor relief, persistent ship attacks near critical maritime straits have maintained significant pressure on energy markets.

The 10-year Treasury yield hovered around 5.24%, remaining slightly below the multi-decade peaks established earlier in the week. Recent government debt auctions experienced robust investor interest, which helped check the upward trajectory of borrowing costs. Bond markets are preparing for a temporary closure due to the upcoming federal holiday, though stock exchanges will continue normal trading operations.

The University of Michigan's preliminary survey revealed that domestic consumers have raised their one-year inflation projections to 4.7%. This escalation in inflation fears is tracking higher alongside broader commodity costs stemming from ongoing international conflicts. The economic strain is disproportionately impacting lower-income demographics, resulting in a sharp deterioration in consumer confidence metrics.