- US military secretly helped 200 commercial ships and over 100 million barrels of oil through the Strait of Hormuz
- Operation credited with keeping oil prices around $90 per barrel instead of surging above $200
- Ship traffic through Hormuz still well below prewar levels, with 20% of global petroleum supplies lost
2026-06-10
Energy/Oil 3
- U.S. crude futures up 2.07% to $90.03 per barrel
- Brent futures up 1.8% to $93.10 per barrel
- Trump warned Iran will "pay the price" and pledged further attacks
- Rystad Energy cites 11.8 million bpd shutdown, 1 billion barrels lost, with each month potentially erasing 350 million barrels
- BP’s third CEO and chairman departure in under 3 years sparks investor scrutiny over board oversight and governance
- Activist shareholder ACCR calls leadership selection process 'dysfunctional' and questions board’s ability to challenge strategy
- BP refocusing on core oil/gas business under new CEO Meg O’Neill, with upstream/downstream restructuring underway
Central Banks 1
- ECB opposes deregulation framed as modernization, citing risks like Amsterdam Trade Bank collapse (2022) as evidence of non-financial risks triggering financial crises
- Current capital requirements do not constrain lending; ECB aims to maintain bank resilience without raising requirements, per research and pandemic-era easing
- EU financial fragmentation persists due to lack of banking union, single market, and capital markets union; cross-border mergers face political resistance despite long-term growth benefits
Macro/Economy 2
- Annual inflation rate rose 4.2% in May, highest in three years
- Core CPI accelerated 0.2% for the month and 2.9% from a year ago
- Energy prices surged 3.9%, contributing to inflation
- Core inflation rate rose 2.9% YoY, matching estimates but lower than April's 3.1%
- Headline CPI increased 4.2% YoY, matching estimates but highest since April 2023
- Market sees CPI as a welcome print, with FedWatch Tool odds of rate hikes unchanged at 40%