Welcome to Markets Desk, here's what's moving the tape right now.
Crude oil is surging, with November WTI up more than two and a half percent as U.S.-Iran talks remain deadlocked and the Strait of Hormuz stays a pressure point. Supply risk premiums are back in play, and energy traders are pricing in a prolonged standoff with no resolution in sight.
Shifting to crypto, the SEC has proposed new rules that would lower the barrier for registered investment advisers and regulated funds to hold digital assets on behalf of clients. That regulatory clarity is feeding directly into bullish sentiment, and Citigroup is leaning in hard, raising its twelve-month Bitcoin price target to one hundred thirteen thousand dollars from eighty-two thousand, citing renewed institutional appetite and improving market conditions.
On the pharma side, Cullinan Therapeutics has initiated an NDA submission to the FDA for zipalertinib in combination with platinum-based chemotherapy as a first-line treatment for a specific form of lung cancer driven by EGFR exon twenty insertions. A successful filing puts the company on a defined regulatory timeline, and the market will be watching closely for priority review status.
That's the tape. Markets Desk, signing off the floor.
