Hints of renewed diplomacy raised the prospect of eased risk premiums and even the potential removal of certain sanctions, a scenario that would increase Russian supply and heighten concerns about an already crowded market. Incoming sanctions on Rosneft and Lukoil disrupted roughly 48 million barrels of Russian crude, forcing major importers, especially India, to look for alternative sources.

In precious metals, both gold and silver softened after stronger US labor figures lowered the likelihood of a near-term Fed rate cut. The firmer payrolls reading, paired with rising unemployment and slightly faster wage growth, strengthened the dollar and weighed on non-yielding assets. Gold drifted toward 4,060 dollars per ounce, while silver slipped to 50.8. 

Bitcoin maintained upward momentum above 87,000, continuing its recovery from recent volatility even though its yearly performance remains negative. Forecasts still point to potential upside into year-end, reflecting steady demand and improving sentiment across risk-driven assets. 

Check out today's market analysis for more updates!