Another Day, Another Deadline

The S&P 500 slipped 0.2% to 7,110.22, snapping a five-day advance, as oil’s 5%+ surge weighed on sentiment. Brent crude settled above $95 at $95.02 (+5.1%) and WTI climbed to $88.58 (+5.6%) after Iran’s weekend re-closure of Hormuz and the US Navy’s seizure of the Iranian-flagged cargo ship Touska underscored the fragility of the truce. Trump declared it “highly unlikely” he would extend the ceasefire, adding the strait would remain blockaded until a deal is signed. Citigroup warned Brent could reach $110 if Hormuz disruptions persist for another month. Kuwait declared a further force majeure on oil shipments, reflecting infrastructure damage so severe that full supply cannot resume even when the strait reopens. ASX 200 futures closed at 9,023 (+48 pts / +0.53%), with the open likely shaped by overnight oil moves and ceasefire-deadline risk.