Welcome to Markets Desk, your midday read on what's moving markets and the world around them.
The Strait of Hormuz remains the story that won't let go. Iran has demonstrated it can choke off roughly a fifth of the world's seaborne oil supply, and even with a ceasefire in place, that leverage doesn't simply evaporate. Washington is now waging a messaging campaign to reassure energy markets, but the narrow waterway has fundamentally changed its risk profile, and traders are pricing that in.
Turning to biotech, Friday's session saw several names in motion. Sensei Biotherapeutics is drawing attention ahead of a key clinical catalyst expected in the second half of twenty twenty six, while Alumis continues to advance its lead therapy and Shattuck Labs is preparing to launch a Crohn's disease trial in the third quarter. Investors are watching the space closely for data-driven catalysts.
And on the geopolitical and defense front, a senior NATO commander is sounding a serious alarm, warning that Western nations can no longer treat their home territories as safe rear areas in future conflicts. Advances in long-range drones and precision missiles mean European cities now sit inside potential strike ranges in ways they simply did not a generation ago.
That's the tape. Markets Desk, signing off the floor.
