Finance

Crude oil benchmarks fell as global markets processed reports that U.S. and Iranian negotiators are holding discussions in New York to reopen the critical Strait of Hormuz shipping lane. International benchmark Brent crude slipped below the $100 per barrel threshold, while domestic West Texas Intermediate futures pulled back toward $92 a barrel. The cooling energy prices provided much-needed relief to investors concerned about persistent inflationary pressures.

A relentless global bond market selloff paused late in the week, allowing the 10-year U.S. Treasury yield to settle around 5.18% after briefly flirting with its highest level since 2007. Despite the late-week stabilization driven by falling energy costs, yields across all durations remain significantly elevated due to fiscal debt concerns and expectations of a potential Federal Reserve interest rate hike in October.

The digital asset market faced dual headwinds as Bitcoin slipped back toward the $84,000 range following a period of heightened volatility that triggered nearly $400 million in leveraged position liquidations. Sentiment was further challenged by news that cryptocurrency exchange Bitget suffered a major security breach resulting in the theft of roughly $350 million. However, the downside was somewhat insulated by continued net inflows into spot Bitcoin exchange-traded funds.