5 AM After-Hours Flash: Fed Cook Speech | Chinese Oil Tanker Attacked In Strait of Hormuz Earlier This Week | Crude timing: $7 billion 'unusual'

Geopolitical tensions in the Strait of Hormuz are driving sharp moves across commodities and risk assets. World food prices climbed in April to their highest in more than three years according to the United Nations Food and Agriculture Organization with vegetable oils particularly elevated due to the Iran conflict and the effective closure of the Strait of Hormuz. In the commodities market a Chinese oil tanker was attacked in the Strait of Hormuz earlier this week prompting Beijing to express deep concern over vessels caught in the escalating Middle East conflict. Crude markets are on edge with reports of seven billion dollars in unusual oil bets placed just ahead of President Trump's Iran-related announcements. Bitcoin is trading at seventy nine thousand nine hundred one dollars down one point six percent over the past twenty four hours as traders weigh the risk-off impact from the crisis. SPX is currently indicated at seven thousand three hundred thirty seven while the VIX sits at seventeen point zero seven. European pre-market futures are reflecting the uncertainty with oil and gold likely in focus when US trading resumes. This is feeding directly into higher implied volatility that US options traders will watch closely at the open. Russell's Morning Outlook is coming up soon. I am your VixShield news reporter.