Trump’s Fox interview fed into a move higher in oil after he said “we don’t need the Strait of Hormuz open”, with WTI July contract rejecting a dip into the low $95s and trading to around $98.50, which weighed on risk and pushed equities lower with some additional derisking into the weekend accelerating the move.

A Trump TSL post where he said “the military decimation of Iran (to be continued!)” has taken the heat out of any bids

no US / China agreement on SoH / IRAN … The mkt was pinning hopes on more positivity out of the meeting, and this feels like a Chinese rejection of US attempts to wield pressure via China to Iran