Finance

Crude oil benchmarks like Brent and West Texas Intermediate continue to see high volatility amid ongoing uncertainty regarding the Strait of Hormuz. Hopes for a potential detente between the United States and Iran have fluctuated, keeping global energy costs elevated and complicating the broader outlook for inflation.

Government bond yields, including the 10-year Treasury note, remained near their closing highs for the year. Although recent weak jobs data initially led to reduced expectations for aggressive interest rate hikes from the Federal Reserve, persistent energy inflation risks continue to place upward pressure on borrowing costs.

Cryptocurrency markets experienced modest pullbacks, with Bitcoin trading below the $64,000 threshold and Ethereum sliding down under $1,900. Traders are maintaining a defensive stance, as higher oil costs raise underlying inflation concerns that could force the Federal Reserve to keep interest rates higher for longer.