WS #14244

The dominant theme remains the escalating US-Iran conflict and its impact on global energy markets. The Strait of Hormuz blockade continues to tighten, with tanker traffic slowing to a trickle (only five commodity vessels crossed Saturday, none Sunday, versus 31 the prior weekend per Kpler). This is corroborated by multiple sources: oilprice.com reports 'Hormuz Tanker Traffic Slows to a Trickle,' and the EIA confirms record US petroleum exports in April (13.6 million b/d, +15% vs prior record) as global buyers seek alternatives. Murban crude (a key Gulf benchmark) spiked +6.82% to $95.52, while WTI is up 0.29% to $82.64 and Brent +0.58% to $89.03. The situation is further escalated by Trump's threats to bomb Oman if it interferes, and his claim of a backchannel with the IRGC, alongside Iran's continued defiance. This is a high-significance escalation with direct implications for energy (XOM, CVX), airlines (DAL, UAL), and refiners (MPC, PSX).