Finance

Brent crude futures exceeded $100 per barrel while WTI crude climbed above $93 amid an effective closure of the Strait of Hormuz. Despite the extension of a ceasefire, uncertainty regarding Iranian port blockades and potential supply disruptions continues to keep the energy market under significant pressure.

The yield on the 10-year U.S. Treasury note rose to 4.3% following strong retail sales data and hawkish testimony from Federal Reserve Chair nominee Kevin Warsh. Warsh signaled a preference for a streamlined Fed balance sheet and reiterated that he had made no specific promises regarding future interest rate cuts.

Technology shares were boosted after Alphabet unveiled new artificial intelligence chips and strategic partnerships, driving its stock toward projected highs. The broader semiconductor index also notched its 16th consecutive day of gains, marking the longest winning streak in its history.

The cryptocurrency market reached a valuation of approximately $2.5 trillion, supported by increased whale activity and steady spot demand for Bitcoin. Institutional sentiment remains positive, with recent surveys indicating that 80% of institutional investors intend to increase their allocations to digital assets.

The U.S. Dollar Index has remained near the 98.6 level as traders weigh the impact of geopolitical negotiations and domestic policy uncertainty. While the currency has faced some downward pressure from cooling safe-haven demand, it remains supported by expectations that the Federal Reserve may keep rates steady for the remainder of the year.