Finance

Crude oil benchmarks remain high following the U.S. rejection of an Iranian proposal to reopen the strategically critical Strait of Hormuz. Although Brent crude experienced a slight intraday pullback toward $96 a barrel due to a supply resumption from alternative pipelines, baseline energy prices continue to stoke broader macroeconomic inflation concerns.

Wall Street benchmarks suffered downward pressure as early gains led by prominent technology and artificial intelligence firms lost momentum. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all experienced negative territory shifts as investors balanced optimistic corporate AI prospects against broader macroeconomic headwinds.

Spot gold attempted a modest Technical correction, rising about 1% to hover around $4,157 per ounce after crashing hard in the prior session. Despite the slight bounce, the precious metal remains severely constrained by a robust U.S. dollar and expectations that the Federal Reserve will prolong its tight monetary policy to combat energy-driven inflation.