Finance

Crude oil futures experienced a noticeable pullback following reports of progress in diplomatic discussions between the United States and Iran regarding the reopening of the Strait of Hormuz. West Texas Intermediate futures fell below $93 per barrel, while international benchmark Brent crude slipped back beneath $105 per barrel, helping alleviate some market-wide inflation anxiety.

Despite a brief pause late in the week, the underlying selloff in fixed income pushed government debt yields to historic milestones. The 10-year Treasury yield surged to levels not witnessed since 2007, while the 30-year yield touched its highest point since 2004, highlighting persistent investor concerns over long-term inflation and additional central bank tightening.

Spot gold wrapper up a challenging week, lingering near the $4,270 per ounce mark and recording a weekly drop of more than 2%. The non-yielding precious metal faced downward momentum due to a strengthening US dollar and robust financial market expectations that the Federal Reserve may implement further interest rate increases in the near future.