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Oil prices surged as Hormuz disruption bit; Treasuries rallied as safe-haven demand rose. Now both are reversing on diplomatic signals — a rare tandem move that reflects the same underlying bet: that the strait reopens.
"[Paraphrase — not verbatim] Bessent told the Senate Appropriations Committee that he believes the conflict will end and gasoline prices will come back to where they were or perhaps lower, citing the oil futures market's steep backwardation as evidence that traders expect a sharp price decline on resolution."