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BREAKING: The S&P 500 erases all losses and turns green on the day as the US begins its blockade of the Strait of Hormuz.

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The Strait of Hormuz is blockaded. Europe's plan? Ursula von der Leyen: "The cheapest energy is the one you don't use." Stay home, don't drive, don't use electricity. The EU has no plan and no military to change do anything. So they are stuck with "monitoring the situation"

US crude oil exports are skyrocketing: US Gulf Coast crude exports are on track to average a record 4.90 million barrels a day in April based on current loadings. That would be up +23%, or +930,000 barrels per day since March, and up +30%, or +1.12 million barrels per day since February. At the current pace, May exports will exceed 5.0 million barrels a day for the first time in history. This comes as Asian buyers are securing US cargoes to offset the loss of Middle Eastern supply while flows from the Strait of Hormuz remain significantly limited. For May alone, 28 supertankers are already lined up to carry US crude, compared to 5 typically booked at this point in a month. Global demand for American oil has never been higher.

BREAKING: Iran's Foreign Minister Araghchi releases a statement responding to President Trump's two-week ceasefire announcement. Full statement below: "On behalf of the Islamic Republic of Iran, I express gratitude and appreciation for my dear brothers HE Prime Minister of Pakistan Sharif and HE Field Marshal Munir for their tireless efforts to end the war in the region. In response to the brotherly request of PM Sharif in his tweet, and considering the request by the U.S. for negotiations based on its 15-point proposal as well as announcement by POTUS about acceptance of the general framework of Iran’s 10-point proposal as a basis for negotiations, I hereby declare on behalf of Iran’s Supreme National Security Council: If attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations. For a period of two weeks, safe passage through the Strait of Hormuz will be possible via coordination with Iran’s Armed Forces and with due consideration of technical limitations."