Welcome to Markets Desk, here's what's moving markets right now.
Crude oil surged nearly nine and a half percent on Monday, with August West Texas Intermediate posting a three and a half week high after a sharp escalation in US-Iran hostilities. The move sent gasoline prices up more than six percent, rattling energy traders and putting geopolitical risk premiums firmly back on the table.
That backdrop makes the condition of America's strategic petroleum reserve all the more concerning. A government report reveals stockpiles are precariously low, compounded by equipment failures, leaks, and spills at reserve facilities. With the Trump administration vowing to assert control over the Strait of Hormuz, the margin for error in the event of a sustained supply disruption is razor thin.
Shifting to equities, Cboe Global Markets is capitalizing on the volatility environment by announcing extended hours for single-stock options. The exchange operator posted a record first quarter, a direct beneficiary of the wild swings we've seen across markets. Longer trading windows mean more volume, more premium, and a stronger structural case for Cboe as volatility becomes a permanent feature rather than a temporary guest.
That's the tape. Markets Desk, signing off the floor.
