US 4-month Treasury auction on June 17 – bid-cover ratio 2.87; prior 2.88.

Trump said on Wednesday European allies have pledged to help clear the Strait of Hormuz to keep shipping lanes open but he did not name specific countries. Asked which states offered to clear Iranian mines, he said “all of them,” adding that those with the equipment have offered assistance and every ally has pledged to take part. He added that, following a deal with Iran, the US would not necessarily have to rely on Europe to reopen the strait, though allied minesweepers would be “a good thing.” Trump continued to frame rapid restoration of traffic through the Strait of Hormuz as a key benefit of any Iran agreement, but said returning tanker flows to pre-crisis levels will likely take time.

IEA monthly report: OPEC crude output fell 1.1 mln bpd in May MoM.