It's Sunday night and the much-hoped for de-escalation has not happened.

This has triggered an explosive move higher in WTI…

…topping $110 for the first time since 2022… (Goldman nailed that call)

US equity futures have dramatically 'broken the box'…

These moves come as the Trump administration said it is not prioritizing using the US Department of the Treasury to trade oil futures as it weighs ways to ease surging global energy prices, according to Yahoo Finance.

Officials have considered having Treasury buy or sell energy futures, but believe the agency would have limited ability to move such a large and active market.

Daily trading volumes have surged during the recent conflict, diluting the impact any single participant could have.