Finance

Global oil benchmarks experienced a slight pullback from their weekly highs after the U.S. executive branch ruled out military strikes against Iran prior to the upcoming midterm elections. While Brent crude dipped toward $104 per barrel and West Texas Intermediate futures hovered near $91, energy prices remain elevated compared to last year due to ongoing shipping disruptions near the Strait of Hormuz.

The 10-year Treasury yield fluctuated before settling around 5.24%, maintaining its position near multi-decade highs. This steady pressure comes as a preliminary report from the University of Michigan indicated that U.S. consumers are raising their one-year inflation forecasts to 4.7%. Shifting sentiment reflects growing pressure on lower-income demographics least equipped to absorb rising costs of living.

Digital assets showed signs of recovery with Bitcoin trading above $82,000, reversing course after a sharp macro-driven downturn earlier in the week that triggered over $600 million in long-side liquidations. Shifting global equity performance and institutional expectations keep traders cautious as the digital token asset class navigates tightening financial conditions through the early part of October.