SpaceX shares fell 16% on Monday, ending at $154.60. The close was the lowest since the company’s first day of trading. The three-day decline reached 23%, erasing more than $600 billion in value over that period.

伊朗通过霍尔木兹海峡公开出口原油量升至本轮冲突爆发以来最高水平，三艘受美制裁的超级油轮（Elva、Virgo、Vigor）共载约600万桶原油进入该海峡，目的地为新加坡附近水域，后续将转运至中国。此举反映伊朗在制裁下持续优化出口路径，但因属隐性转运且不改变制裁实质，全球原油有效供应增量有限，地缘风险溢价仍存。

The war in Iran has triggered one of the aluminum market’s biggest supply shocks, heightening fears of an abrupt squeeze in global availability. Market participants worried that a blockade of the Strait of Hormuz could leave Middle Eastern smelters short of feedstock within weeks and force production shutdowns. Producers in China and the Middle East have eased some of the pressure by rerouting logistics, but expectations for tighter supply in the near term have strengthened and are feeding into spot and futures prices.

Big Tech stock buybacks are falling as companies prioritize spending on artificial intelligence, shifting from capital-light approaches to more capital-intensive strategies. Among Alphabet, Microsoft, Meta and Amazon, only Microsoft repurchased shares in the first quarter. Microsoft’s $3.4 billion buyback was the smallest total within the group in nearly a decade, according to data compiled by Bloomberg.

U.S. President Donald Trump agreed to an interim peace deal with Iran to reopen the Strait of Hormuz and begin a 60-day negotiating period over Tehran’s nuclear program. The agreement is intended to support the resumption of shipping through the waterway. The move has eased pressure on oil prices.

Citigroup Inc. economists have withdrawn their forecast for two interest-rate hikes by India’s central bank through March next year, saying an interim US-Iran peace deal has reduced the risk of higher oil prices stoking inflation. India remains heavily dependent on oil imports from the Middle East and is also facing a weaker monsoon season as El Niño takes hold. Below-average rainfall so far is hurting the growing season for staples such as rice and soybeans and is also disrupting sectors including construction. The report highlights oil as losing price support on easing geopolitical tensions, while soybeans face rising output-cut expectations driven by weather.

The Federal Reserve struck a hawkish tone at new governor Kevin Warsh’s first meeting, lifting U.S. Treasury yields and worsening the yen’s rate disadvantage. The yen has slid toward levels that previously prompted Japan’s finance ministry to intervene, prompting expectations of an emergency move. The development is rippling through FX markets, particularly affecting the dollar-yen pair and the yen.

Two oil tankers, Suezmax Kapodistrias 21 and VLCC Coslucky Lake, made abrupt U-turns in the Indian Ocean and rerouted to Fujairah in the United Arab Emirates, instead of Gabon and South Africa. The moves reflect shipowners’ push to pre-position vessels at a Middle East loading hub ahead of a possible reopening of the Strait of Hormuz. The shift highlights expectations for faster Middle East crude export flows and reinforces the market’s view of a tight near-term spot balance.

Private equity firm IG4 Capital has made an offer to buy debt issued by Brazilian sugar and ethanol producer Raizen SA as it seeks to gain control. The move is tied to a proposed restructuring that would convert 45% of Raizen’s debt into about 80% of equity. By accumulating enough debt, IG4 aims to hold just over 50% of the company once the swap is completed, according to people familiar with the matter.