Iran Asserts Control Over the Strait of Hormuz

Iran claimed direct control over the Strait of Hormuz on Saturday, further stoking friction across global energy choke points. According to FirstSquawk, the Secretary of Iran's Supreme National Security Council stated that the strategic shipping lane is under Iranian control and actively managed by Tehran, while also alleging illicit oil transport in the coastal waters of Oman. The rhetoric lands directly on an already sensitive energy backdrop. Associated Press research notes Brent crude trading between $102.50 and $105 per barrel following recent supply disruptions, adding persistent pressure to broader macro expectations. Preliminary University of Michigan data reported by the Associated Press showed U.S. consumer sentiment tumbled to 46.3, its second-lowest print since 1952, while one-year inflation expectations jumped to 4.7%. That combination of energy-driven cost pressure and tightening monetary friction leaves equity derivatives split across key lines. On our book, SPY sits at 778.57, holding positive positioning above its 776.15 gamma flip with its call wall overhead at 780. But tech is already crossing into a less forgiving regime. QQQ spot trades at 751.27, falling below its 751.99 gamma flip into short gamma, with its put wall immediately at 750 and a ±0.56% expected move. When dealers sit short gamma on tech, their hedging changes character. Instead of absorbing intraday moves by leaning against the tape, they are forced to sell into declines and buy into rips, amplifying velocity rather than cushioning it. With QQQ pinned right against its 750 put wall and headline risk around energy routes intensifying, dealer inventory offers no shock absorber until spot climbs back over that 751.99 line.