In the energy quadrant, June WTI Crude Oil futures broke back above 100 for the first time since mid-April, posting a significant one-day percentage gain. Market sentiment is heavily influenced by the U.S. administration's rejection of Iran's proposal to reopen the Strait of Hormuz in exchange for lifting the naval blockade, keeping the focus firmly on physical scarcity rather than diplomatic developments. Adding to the complex supply dynamics, the UAE announced its departure from OPEC, effective Friday. While this removes output restrictions for the region's second-largest producer, any additional supply remains constrained by the ongoing logistical challenges in the Gulf, meaning paper increases will not impact the market until physical shipping routes reopen.