Goldman Sachs: The recovery of natural gas flow in the Strait of Hormuz is expected to be faster than anticipated, which will drive TTF prices down to align with the €40/MWh coal-to-gas switch threshold.

US Treasury yields widen sharply on a monthly basis, with 30-year yield hitting a 19-year high; curve steepening coincides with deepening inflation concerns

The Hormuz crisis drives the search for alternative fuels, with SAF price spreads narrowing from 5 times to 2 times, but airlines and refineries are stuck in a wait-and-see stalemate.

The US and Japan jointly bought yen, with the scale and level of coordination of the intervention exceeding expectations, causing the exchange rate to jump by more than 1%.

The U.S. Treasury confirmed it intervened in the Japanese yen on Friday, with the New York Federal Reserve executing euro sales to purchase yen, marking an escalation in joint action.