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Trump Reinstates Strait of Hormuz Blockade; Proposes 20% Transit Fee on All Cargo — Brent Crude Jumps 9.5% to $83

President Trump announced the United States will reinstate a naval blockade on Iranian ports and impose a 20% fee on all non-Iranian cargo transiting the Strait of Hormuz, effective Tuesday at 4 p.m. ET. Brent crude jumped 9.5% to above $83 per barrel, its biggest single-day gain since May 2020, while WTI settled near $78. The move follows a third consecutive night of US strikes on Iran and effectively ends the ceasefire agreement signed in mid-June.

Vertex Pharmaceuticals Acquires Crinetics for $85 Per Share — $10B All-Cash Deal Targets $5B+ Endocrinology Peak Sales

Vertex Pharmaceuticals agreed to acquire Crinetics Pharmaceuticals for $85 per share in an all-cash deal valued at approximately $10 billion, a 102% premium to Crinetics' Monday close. The deal, unanimously approved by both boards, adds PALSONIFY, the first approved once-daily oral acromegaly therapy, and late-stage atumelnant for congenital adrenal hyperplasia, with management targeting more than $5 billion in combined peak annual revenue. The transaction is expected to close in Q3 2026.

U.S. Navy Seizes Iranian Cargo Ship Touska, Tehran Shuts Hormuz Again; Ceasefire Talks Collapse as Oil Surges 7%

The USS Spruance fired on and seized the Iranian-flagged cargo vessel Touska in the Gulf of Oman after it defied U.S. blockade warnings over six hours, triggering Iran to reimpose full closure of the Strait of Hormuz on Saturday. Tehran's foreign ministry announced Monday it has no plans to attend a second round of Islamabad peace talks, sending WTI crude surging 7% above $89 and U.S. equity futures falling sharply as the fragile ceasefire — set to expire Wednesday — appears on the brink of collapse.

Earnings Season Accelerates: Tesla, Boeing, UnitedHealth, Intel, GE Aerospace and 80+ S&P 500 Companies Report This Week

The Q1 2026 earnings season enters its most consequential stretch this week, with more than 88 S&P 500 companies reporting, headlined by Tesla on Wednesday, Boeing Tuesday, UnitedHealth Group and GE Aerospace Tuesday, and Intel on Monday after the close. Analysts expect 12.6% aggregate S&P 500 EPS growth — what would be a sixth consecutive quarter of double-digit earnings expansion — though forward guidance on energy costs and margin trajectories will command more investor attention than headline beats.

Trump Orders U.S. Naval Blockade of Strait of Hormuz After Iran Peace Talks Collapse

President Trump ordered the U.S. Navy to blockade the Strait of Hormuz on Sunday after weekend peace negotiations in Islamabad between the U.S. and Iran ended without a deal. The move sent oil prices surging past $103 per barrel, rattled global equity markets, and reignited fears of a prolonged energy supply shock that could deepen inflationary pressures across the global economy.

Fragile U.S.-Iran Ceasefire Leaves Strait of Hormuz Blocked, Oil Back Above $100

A two-week ceasefire between the U.S. and Iran sparked a historic rally on Wednesday, but optimism faded Thursday as Iran continued restricting tanker traffic through the Strait of Hormuz, pushing WTI crude back above $100 per barrel and sending equities lower after the prior session's surge.

Trump Declares 2-Week Iran Ceasefire: WTI Oil Crashes 15% to $95.75, Airlines Surge as Markets Whipsaw

President Trump declared a 2-week suspension of US military operations against Iran on April 8, 2026, following a 10-point peace proposal brokered through Pakistani intermediaries. WTI crude oil immediately crashed 15% from $112 to $95.75 per barrel while US equity index futures initially surged 3% before fading to flat. Airlines led all sectors, with United Airlines surging 13.3% and Delta reporting a Q1 2026 earnings beat on the same morning.

Trump's Iran Ultimatum Deadline Arrives: Markets Brace for Binary Outcome as Oil Tops $112

President Trump's self-imposed 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz — or face destruction of its civilian infrastructure — arrived Tuesday as global markets churned under binary event risk. WTI crude traded above $112 per barrel while equities oscillated in a narrow range, with the VIX surging nearly 6% to 25.30. A Pakistani-mediated 45-day ceasefire framework known as the Islamabad Accord has emerged from diplomatic back-channels, though sources indicate a deal before the hard deadline remained unlikely.

White House Unveils Record $1.5 Trillion Defense Budget as Stocks Pull Back on Ceasefire Hopes

The White House unveiled a record $1.5 trillion defense budget proposal for fiscal year 2027, the largest military spending request in U.S. history, citing active munitions depletion from Operation Epic Fury and urgent stockpile replenishment needs. The announcement came as Lockheed Martin, RTX, and Northrop Grumman retreated sharply on April 6 when the Islamabad Accord ceasefire framework emerged, unwinding part of the war-driven premium that had stretched the aerospace and defense sector to 32 times forward earnings.