All four major averages hit calendar-year lows Thursday as WTI surged 9.7% and private credit stress added a second front of selling.

Brent crude briefly crossed $100 after Mojtaba Khamenei broke silence to demand the strait stay closed; IEA's 400M-barrel reserve release hasn't moved prices, the US Navy isn't ready to escort tankers, and equity futures are down 0.4–0.9% with private credit stress adding a second front.