One of the main macro drivers this week remains the Gulf energy shock, as chokepoints from the Strait of Hormuz to Bab el-Mandeb are disrupted. Turmoil in the Black Sea between Russia and Ukraine is also sending chills through commodities desks.
Related energy coverage:
Brent crude is back above $100 a barrel, while WTI has reached $92, pushing Treasury yields higher, tightening financial conditions and weighing on duration-sensitive and consumer-facing stocks.
At the start of the week, AAA data showed that while prices vary across states...
... the national average for regular gasoline had exceeded the politically sensitive threshold of $4 per gallon.
And going higher...
