All the listed policy measures will have very limited impact on oil prices unless safe passage through the Strait of Hormuz is assured...

Iran reportedly begun laying mines in the Strait of Hormuz, while US Energy Secretary Wright mistakenly posted that the US Navy escorted an oil tanker through the Strait of Hormuz.

...the cracks are visible, but the market is still hoping the damage remains contained.

The kneejerk reaction to the company's earnings has been favorable. Let's see if this continues into tomorrow's session...

Reports suggest Iran has begun deploying mines in Strait of Hormuz; Trump sees no reports of them doing so, but threatens significant military action if they are not removed; US Energy Secretary Wright, in a now deleted post, said the US Navy has escorted an oil tanker through the Strait of Hormuz (later rejected by WH officials); IEA meeting reportedly ends with no decision on crude stockpile release; Weak US 3yr note auction; US existing home sales rise in Feb.; Oil tanker explosion near Abu Dhabi; AMZN attracts ~$126B of orders for US bond sale.

...a Wright mess, no SPR release, and mines!?

"Oracle is in a damned-if-you-do, damned-if-you-don’t position"

...still-micro blowups in a few pockets of credit markets look more like an early warning for broader risk sentiment.

Treasury yields are not yet pricing in the full ramifications of the energy shock...

A subpar, disappointing auction which however could be attributed to the melt up in stocks. However, if this weakness persists in the week's upcoming coupon auctions, that could be a problem. 

The "buy signal" will come when Iran, not Trump, agrees to cease attacks and negotiate. That could be this week or next...

...points to a market that is simmering on the surface, but starting to boil underneath.

ASPI is one of the few names positioned across HALEU, medical isotopes, and quantum materials.

"The impact on 2Q, though, could be significant. We continue to believe that DAL..." 

The wiring issue is yet another manufacturing setback... 

Some of the world’s biggest multi-strat hedge funds like Millennium, Poin72 and Balyasny suffered hundreds of millions of dollars in losses last week after the war against Iran sent oil prices surging and triggered wild market moves.

...gamma is quite negative across the entire spectrum of SPX prices, which backs the idea that high volatility should continue.

"Sell estimates over the next week are some of the largest we have seen" - Goldman

"The Texas Redomiciliation may reduce the risk of future frivolous litigation against the Texas Corporation and its directors and officers."