Good afternoon and welcome to Markets Desk, your midday read on what's moving markets and the stories behind them.
Shipping traffic through the Strait of Hormuz has fallen to its lowest level in recent memory as a ceasefire between Washington and Tehran heads toward expiration Monday with no agreement in place. The chokepoint handles roughly a fifth of global oil supply, and any sustained disruption would send energy prices sharply higher. Traders are watching closely.
Turning to biotech, Skye Bioscience is acquiring UK-based Redx Pharma through a scheme of arrangement, with one hundred twenty five million dollars in fresh financing secured to fund the combined company's path toward a Phase Two trial of RXC zero zero eight. The merged entity will operate under the name Fibrx Therapeutics, and shares of Skye moved higher on the news.
And on the Berkshire front, Warren Buffett and incoming chief Greg Abel put capital to work in the second quarter, initiating one new position and adding to seven existing holdings. The moves signal continued selective deployment of Berkshire's substantial cash reserves, and analysts are already parsing the filings to identify which names carry the most conviction.
That's the tape. Markets Desk, signing off the floor.
