President Trump rejected Iran’s proposal to reopen the Strait of Hormuz,
rekindling concern over a prolonged oil-supply disruption. Brent crude rose 3.7%
to $108.18 a barrel. S&P Global Market Intelligence data showed the iTraxx
Europe crossover (euro high-yield CDS) rose 1bp to 298bps, its highest level
since April 8, as risk sentiment weakened.