A $98 crude market sets the stage for a possibly volatile week.

Global energy markets brace for a possibly volatile week as shifting diplomatic deadlines and the ongoing closure of the Strait of Hormuz keep WTI Crude Oil futures elevated past $98. With thousands of vessels stranded in the Persian Gulf, any signs of an extended deadline or a breakthrough in reopening the strait could trigger sharp, two-way price action across equities, Treasuries, gold, and yen futures. Furthermore, Friday brings a highly anticipated jobs report, offering the first real look at the labor market's response to the recent energy supply shock. A second consecutive month of employment contraction could complicate the path forward for monetary policy amid rising inflation pressures.