Finance

West Texas Intermediate and Brent crude futures advanced significantly amidst intensifying tensions in the Middle East and tracking threats from Hurricane Isaias on offshore production. Although prices briefly retraced from session highs following assurances regarding near-term military actions from Washington, energy markets remained on high alert.

United States weekly initial jobless claims dropped for a fifth consecutive week to 197,000, coming in lower than what economists had projected. This persistently tight labor market data fuels expectations that the Federal Reserve will face mounting pressure to lift interest rates at its upcoming policy meetings.

The 10-year Treasury yield retreated from its recent multi-decade peaks to settle around 5.23% during afternoon trading. A solid auction of 30-year bonds helped absorb recent selling pressure in the fixed income markets, providing marginal relief to the broader financial ecosystem.