[MARKET UPDATE] Major risk off price action seen as CBS says US intelligence has begun to see indications Iran is taking steps to deploy mines in Strait of Hormuz; oil and dollar bid, with stocks & gold slammed, with T-notes also seeing weakness

The news from CBS indicates heightened geopolitical tensions as U.S. intelligence suggests Iran may be deploying mines in the Strait of Hormuz, a critical chokepoint for global oil supply. This escalation has led to a risk-off environment, with oil prices and the dollar strengthening, while equities, gold, and Treasury notes have seen significant declines. Traders should monitor how this situation evolves, as ongoing tensions could further impact markets and investment strategies.