The US and Iran have reached an interim 60-day peace deal and the Strait of Hormuz is nominally open, but Asian refiners say they still cannot charter VLCCs at reasonable cost to move Iraqi Basrah crude. VLCC rates have climbed to WS650–750—nearly triple pre-war levels—while some shipowners are also seeking special clauses for transiting the strait. Indian Oil has issued force majeure for June 22–23 cargoes, underscoring that easing geopolitical tensions has not translated into smoother near-term supply.

SpaceX (SPCX) options drew nearly 1 million contracts on their first trading day, ranking fifth across the market and eclipsing many blue-chip names. Trading featured heavy buying of out-of-the-money calls in July and September, alongside collar positions tied to hedging around the lockup period. SPCX moved within a 15% intraday range and finished up 5%, while 2x leveraged ETFs saw more than $3B in one-day volume, including SPCH at $1.3B for what was described as the second-highest day in ETF history. The activity centered on trading mechanics and positioning rather than any shift in fundamentals.

Lead times for power transformers in the U.S. have climbed to 128 weeks, or nearly 2.5 years, with generator step-up transformers stretching to 144 weeks. Prices are up 77% from 2019 as demand rises faster than supply. The surge is being fueled by AI data center buildouts, industrial electrification and grid modernization, while copper and grain-oriented electrical steel remain critical inputs. Copper prices have risen more than 50% since 2020, tightening supply chains and making procurement more rigid.