Finance

Energy markets experienced notable relief as benchmark crude oil prices pulled back, with U.S. West Texas Intermediate dipping near $92 per barrel. The decline was fueled by reports that negotiators from the United States and Iran are actively discussing a phased arrangement to restore traffic through the crucial Strait of Hormuz.

A historic sell-off in fixed income showed signs of stabilization as sovereign bond yields eased late in the session following a pullback in oil prices. The 10-year Treasury yield dropped back to roughly 5.18%, though it remained hovering near multi-decade highs amid expectations of further monetary policy tightening from the Federal Reserve.

The final reading of the University of Michigan's monthly survey revealed that domestic consumer sentiment plummeted to a four-month low. Driven largely by long-standing inflationary pressures and stubbornly high energy costs, the index's decline underscores growing public anxiety over future price preordainments.