Trump Meets Oil Executives Amid Hormuz Strait Blockade Concerns

U.S. President Donald Trump met with oil company executives on Tuesday to discuss the potential for a prolonged blockade of the Hormuz Strait, according to Odaily. The news led to a decline in U.S. Treasury prices, which were already under pressure. Brent crude oil prices surged in response, with intraday gains reaching up to 5%, further impacting the bond market. Commodity Trading Advisors (CTAs) initially covered profitable short positions following the announcement but soon resumed selling. As support levels across various points on the yield curve were breached, algorithmic trading became predominant.