TASNIM NEWS: Iran says Qatar told Tehran it is unaware of the fate of Iranian pilots; Iran urged Qatar to step up efforts to determine their fate.

The U.S. Navy said it has cleared the Strait of Hormuz main Traffic Separation Scheme (TSS) between Iran and Oman, reopening two-way traffic and allowing more tankers to transit. U.S. underwater drones detected more than 100 suspected mines; U.S. forces and private contractors cleared or detonated them. Over the past 30 days more than 500 vessels transited the southern channel, with roughly 2% struck by Iranian drones or missiles. U.S. officials say ships can now transit under U.S. protection, increasing potential oil flows to global markets; Trump warned any vessel that re-mines will be immediately and systematically destroyed.

Frank Flett, head of macro strategy at Citadel Securities, says the risk-reward has shifted toward a rally in long-dated U.S. Treasuries, citing crowded short positions and improving inflation prints. He had warned last month that investors were underestimating the risk of a Fed July rate hike. Citadel’s simulations of CTAs and trend-followers show short positions are “substantially excessive” versus recent history, suggesting further declines would likely produce limited selling while sustained gains could force short covering. Flett says concerns about Fed credibility are overstated because recent soft jobs and inflation reports “appear to justify a more dovish policy response.”