Bessent Says Russian Diesel Supply Deal Will Proceed

Treasury Secretary Scott Bessent stated that the Trump administration holds existing legal authority to execute its Russian diesel supply agreement, according to reports from Deltaone. Bessent rejected assertions that congressional opposition or statutory constraints would halt the flow of barrels, defending the arrangement as energy supply strains escalate across international markets. The push to advance the fuel transfer follows an initial release of 500,000 tons of Russian diesel, coming right as crude prices fluctuate between $102.50 and $105 per barrel according to reporting from the Associated Press and Edward Jones. The energy shock is expanding rapidly into corporate operations. Sharecast News and BNN Bloomberg reported that Delta Air Lines lowered its annual earnings outlook after absorbing an estimated $6 billion increase in annual fuel expenses. At the same time, geopolitical frictions around critical maritime transit corridors continue to intensify. FirstSquawk reported that Ukrainian President Volodymyr Zelensky pointed directly to Middle Eastern hostilities and the closure of the Strait of Hormuz as the core drivers pushing regional fuel benchmarks higher, calling on the White House to constrain strikes on domestic infrastructure. Energy-driven inflation pressure is driving benchmark sovereign borrowing costs to multi-decade peaks. Data reported by the Associated Press and Edward Jones showed the U.S. 10-year Treasury yield trading between 5.24% and 5.31%, holding near levels unseen since 2002. Across global debt markets, British 30-year gilt yields traded above 6% while Japan's 30-year bond yield reached 4.235%. That macro pressure lands directly on tech positioning. On our desk, QQQ sits at 751.27, trading beneath its 751.99 gamma flip in negative territory. Dealers in short gamma act as accelerators rather than shock absorbers, selling dips and buying rips to remain hedged as spot approaches the 750 put wall. Meanwhile, SPY sits in long gamma at 778.57 above its 776.15 flip with an expected move of plus or minus 0.35%, maintaining a cushion between the 770 put wall and 780 call wall.