Treasuries hit 5% in a $25 billion auction of 30 year bonds. Last time that happened was 2007. US average gas prices are at $4.53 a gallon. Wholesale price is about $3.7, which is not far off from the pandemic high of $4. Oil is surging again with Brent at $109 and WTI at $105.
At the recent BRICS meeting, Iran urged a joint statement condemning the US and Israel. But no agreement was reached as UAE probably blocked any action on the conflict.
Trump seemed to get some sort of commitment from Xi to help open the Strait of Hormuz, but it is not clear what that actually will be. Iran and the US are at an impasse as the US has rejected Iran's conditions for further peace negotiations.
Trump is again claiming that time is running out for Iran. If you are into betting markets, this weekend might be when the US resumes fighting. Trump's meeting with Xi is over. Negotiations are at a dead end. But I think the US will invade Cuba sooner that it will resume fighting with Iran. Cuba is about to collapse as Trump's blockade has caused the country to completely run out of fuel oil. Without a quick resolution, Cuba will fall into chaos as food will run and crops will not be planted/harvested. The US will end up spending billions to put Cuba back together again to avoid another boat lift crisis.