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Oil hits over 1-week low on hopes of boost to diplomacy in Iran war
Brent and WTI fell as traders weighed possible UN talks and a partial Saudi export recovery after pipeline attacks.
- U.S. stock indexes were mixed on Friday as the 10-year Treasury yield climbed to 4.98% from 4.94% late Thursday, having topped the 5% level earlier this week for the first time since 2023.
- The Federal Reserve raised its federal funds rate earlier this week to combat inflation worsened by higher oil prices from the war with Iran, with Brent crude reaching nearly $110 early this week.
- European indexes slumped, including 1.2% drops for the CAC 40, while Asian markets like the Kospi and Nikkei gained; Berkshire Hathaway slipped 0.1% after famed investor Warren Buffett announced stepping down as chairman.
- Rising yields slow the economy by increasing borrowing costs for the government, homebuyers, and businesses, while officials suggested another federal funds rate hike may be needed this year to reach the 2% inflation target.
- President Donald Trump has been calling for lower interest rates as monetary tightening may cause economic pain in the short term, while high inflation continues raising expenses for households nationwide.
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Special envoy Steve Witkoff confirmed in X the encounters: "Today, outside the UN General Assembly, we had extensive discussions with the Iranian delegation through the mediators, who moved between the two sides throughout the day."
Oil prices continue their decline. Investors are hoping for progress in US-Iran talks and an increase in Saudi oil exports via the East-West pipeline.
·Warsaw, Poland
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Total News Sources427
Leaning Left46Leaning Right62Center82Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 24%
C 43%
R 33%
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