Airstrikes Hit Sanaa Oil Facility as Tanker Burns in Hormuz

Explosions shook Yemen's capital of Sanaa following airstrikes by warplanes, according to Al Hadath citing local sources. Al-Masirah television, operated by the Houthi movement, reported an attack targeting an oil facility within Sanaa, with Houthi officials stating they are confronting regional strikes across the capital. Separately, Iranian state television IRIB cited the Iranian Navy reporting that a commercial tanker caught fire east of the Strait of Hormuz. The headlines land directly across energy corridors as front-month WTI crude futures trade at $93.18, down 0.6% on the session, while Brent crude sits at $105.53 after a 1.05% drop. Gold futures trade at $4,198.50, up 0.19%, reflecting steady positioning across traditional hedges as regional infrastructure takes fresh hits. Meanwhile, the broader macro tape remains muted, with the 10-year Treasury yield easing to 5.21% and the dollar index holding at 102.25. On the equity desk, index books are split across regimes as headlines cross. SPY sits at 778.11, holding above its 773.95 gamma flip in positive territory where dealers remain net long, buffering directional moves between the 777 put wall and 780 call wall. The expected move for the session prices at plus or minus 0.67% with skew at 1.5, pointing to balanced dealer flows across large caps. Tech reflects a tighter band under active pressure. QQQ trades at 743.50, remaining pinned below its 745.04 gamma flip in short gamma territory. In negative gamma, dealers do not buffer dips; they hedge by selling into downside and buying into upside, amplifying spot volatility toward the 740 put wall while the 748 call wall caps the top end. Expected move sits at plus or minus 0.92% on a skew reading of 2. Small caps on IWM sit at 276.61, resting above their 274.52 flip with dealers long gamma between the 276 put wall and 279 call wall.