Welcome to Markets Desk, your midday read on what's moving markets and policy.
Crude oil is on track for its steepest quarterly price drop in six years, and the story here is supply coming back online faster than traders expected. Workarounds through the Strait of Hormuz chokepoint and a notable pullback in Chinese crude imports have both helped ease what was shaping up to be a serious supply crunch, pushing prices meaningfully lower heading into quarter-end.
Shifting to Washington, the Supreme Court's latest campaign finance ruling is drawing immediate attention from political strategists and market watchers alike. The decision is broadly expected to amplify the influence of large individual donors, with analysts anticipating a particular advantage for Republican candidates heading into the November midterms — a development that could shape fiscal and regulatory expectations across several sectors.
And on the tax front, the IRS has issued new guidance addressing whether donations to the Trump account trigger gift tax filing requirements. With contributions set to begin July fourth, the agency has outlined a path for qualifying individual donors to avoid filing a gift tax return altogether, offering some clarity to potential donors who had been waiting on exactly this kind of regulatory signal before committing funds.
That's the tape. Markets Desk, signing off the floor.
