Finance

Global energy benchmarks slumped heavily as the White House tabled plans to escalate military strikes against Iran in favor of diplomatic talks. West Texas Intermediate and Brent crude futures fell between 5% and 7%, offering immediate relief to markets anxious about inflation, although supply concerns linger over threats to the Strait of Hormuz and Red Sea shipping.

Investors are preparing for a highly pivotal week as four 'Magnificent Seven' heavyweights—Microsoft, Meta, Apple, and Amazon—are scheduled to report quarterly results. Simultaneously, the Federal Reserve will conclude its two-day monetary policy meeting under Chairman Kevin Warsh, with traders pricing in a highly unpredictable decision amidst shifting inflation data and recent energy market volatility.

Cryptocurrencies gained positive momentum as reduced geopolitical tensions bolstered broader investor risk appetite. Highlighting the recovery, spot Ethereum ETFs brought in $103.9 million during the latest tracked week—nearly three times the inflows of Bitcoin funds—pushing the second-largest token to a two-month high and driving its performance ratio against Bitcoin to its best level since late April.