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Ukraine's Caspian Sea strikes on Iranian military shipping killed a sailor and exposed years of drone supplies to Russia, testing a fragile new US-Iran calm.
Stock futures rallied and oil dropped nearly 5% on a US-Iran pause that leaves out Ukraine, whose Caspian Sea strike on Iranian shipping threatens the calm.
Freddie Mac's 30-year rate hit 6.58% this week as an Iran-driven oil shock pushes Treasury yields toward levels that could tip the Fed toward a hike.
An oil shock from Red Sea tanker strikes is pushing Treasury yields higher just as Alphabet's AI capex guidance climbs to $205 billion.