A $183 billion auction week meets an energy market in flux.

Energy markets remain locked on the Strait of Hormuz as vessel transits collapse to just 2% of normal flows and Iran formalizes a new sovereign transit toll regime. While the upcoming OPEC+ ministerial meeting represents a major calendar milestone, WTI Crude Oil futures are poised to move instantly on any shifting geopolitical headlines or ceasefire signals out of the Persian Gulf. Meanwhile, a massive $183 billion U.S. Treasury note auction will test fixed income demand alongside critical updates on first-quarter GDP revisions and the core PCE price index. If inflation markers hold firm or head higher, expectations for a near-term rate cut could face further delays, amplifying market volatility into the final days of May.