Finance

Crude oil benchmarks pulled back from their recent highs amid reports that negotiations between U.S. and Iranian officials could lead to a deal to reopen the critical Strait of Hormuz shipping lane. West Texas Intermediate futures fell more than 2% to trade near $92 per barrel, while Brent crude dropped back below $98. The alleviation of oil price pressures provided a timely reprieve for broader financial markets concerned with energy-driven inflation.

The yield on the 10-year U.S. Treasury note settled slightly lower at 5.18% after hitting multi-decade highs earlier in the week. Fixed-income markets digested a revised consumer sentiment report from the University of Michigan, which came in slightly higher than expected. Although the yields moderated at Friday's close, the overarching environment continues to pressure borrowing costs for consumers and businesses alike.

Major cryptocurrencies like Bitcoin and Ethereum sustained notable weekly gains approaching 10%, hovering near $84,000 and $2,700 respectively. However, publicly traded crypto-related stocks moved in the opposite direction, experiencing broad declines. Companies including MicroStrategy and Coinbase fell on weak buying volume and macroeconomic caution, underscoring a divergence between spot digital asset markets and equity derivatives.