Policymakers raised their year-end rate outlook, inflation remained the primary concern, and expectations for near-term rate cuts faded. The dollar index climbed 1% to 100.50, while the 2-year Treasury yield jumped to 4.22%. Gold retreated below $4,300 after testing $4,350 earlier in the week, and silver eased toward $70.

The reopening of the Strait of Hormuz and the return of Iranian oil exports pushed Brent crude toward $79 per barrel, its lowest level since March. Additional supply from the UAE, higher OPEC+ quotas, and IEA warnings of a future supply surplus added to the pressure, outweighing an 8.3 million-barrel decline in US inventories.

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