Oil Hits Triple Digits, a Hormuz Standoff, and Stocks Take the Punch

Iran's new leader vowed to keep the Strait of Hormuz closed, seven ships were struck in a single day, and Brent crude briefly crossed $100 a barrel for the first time since the conflict began.

The IEA called it the worst disruption to global energy markets ever recorded.

We'll walk you through what moved, what buckled, and which stocks somehow had a completely different day.

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Brent crude briefly topped $101 before settling near $101.35, with WTI not far behind at $96.49 — driven by Iran's vow to keep the Strait closed and a fresh report that Iran-backed groups may target the Red Sea's Suez access point next. Stocks had no real defense against it: the Dow shed more than 700 points, the S&P and Nasdaq each fell over 1.5%, and the 10-year Treasury yield held above 4.25% as investors rotated into the dollar rather than bonds.

JPMorgan Chase (NYSE: JPM) has started marking down the value of certain loans it extends to private credit funds, effectively reducing how much those funds can borrow.

The bank reviewed its portfolio, name by name and sector by sector, adjusting valuations on loans with exposure to areas like software, where risks are rising. When the largest bank in the country quietly pulls back, it is not a routine adjustment. It is a signal.

The Markdowns Are Small, but the Message Is Big

JPMorgan says the changes affect a small group of borrowers and the markdowns are not significant. But the fact that the bank reserved the right to revalue private credit assets at any time tells a much bigger story about how it views risk in this market right now.

You do not renegotiate lending terms across an entire portfolio unless something in the data made you uncomfortable enough to act.

AI Is Part of the Problem

JPMorgan specifically adjusted loan marks for software companies. The concern is that AI-powered products are threatening the pricing power these companies once relied on, making their debt riskier than it looked a year ago.

You connect JPMorgan's caution to the broader anxiety across private credit, and a clear picture emerges. The industry grew fast during easy conditions. Now the biggest bank in America is signaling that those conditions have changed.

Chevron Corporation (NYSE: CVX) is closing in on a major expansion of its Venezuelan operations, with a new deal that would give it rights to develop the Ayacucho 8 block in the Orinoco Belt. This region holds more than 75% of the country's crude reserves.

If completed, this would become Chevron's fifth operational area in Venezuela and could make it the largest private producer in one of the most resource-rich oil regions on earth.

The Orinoco Belt Is the Prize

Chevron already operates the Petropiar project in the Orinoco Belt. The expansion would extend its existing production infrastructure into the new block, allowing it to scale output quickly without building from scratch.

If your understanding of Chevron's global footprint stopped at the Gulf of Mexico and West Africa, Venezuela and Iraq are rewriting the map entirely.

Timing Meets Opportunity

Venezuela sits on the largest proven oil reserves in the world but has barely produced a fraction of its potential for over a decade. Chevron is positioning itself to benefit as production rebuilds.

You rarely see a company land two of the world's most strategic oil assets within weeks of each other. Chevron is not just growing. It is planting flags in the places that will define global energy supply for the next generation.

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Eli Lilly (NYSE: LLY) tested 10 samples of compounded versions of its weight-loss drug and found a previously unknown impurity in every one.

The impurity forms when the active ingredient in Zepbound and Mounjaro is mixed with vitamin B12, a common addition made by compounding pharmacies to differentiate their products. Lilly is now calling for a nationwide recall.

This is Lilly turning a scientific finding into a weapon against the companies undercutting its biggest product.

Nobody Knows What This Impurity Does

Lilly says nothing is known about the short or long-term effects of this chemical reaction in humans. How the body absorbs it, whether it causes immune reactions, and whether it changes how the drug works are all unanswered questions.

If your understanding of compounded weight loss drugs has been that they are basically the same thing at a lower price, this finding challenges that assumption directly.

Lilly Wants the Market to Itself

Lilly has every business reason to shut down compounders. But this finding gives it a public health argument that regulators and courts take far more seriously than pricing complaints.

You can debate Lilly's motives. But a previously unknown impurity found in 100% of tested samples is the kind of evidence that could reshape how regulators treat the entire compounding industry involving weight-loss drugs.

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Lightwave Logic [LWLG] $7.45 (+48.41%)

Lightwave announced a breakthrough in its electro-optic polymer technology that meaningfully improves data center interconnect performance, and the market treated it like the kind of milestone that changes a company's trajectory. Volume ran at 7x average; this was not a quiet session for the stock.

Celanese [CE] $59.93 (+15.37%)

Celanese is a specialty chemicals company whose products are used in everything from automotive parts to consumer goods, and it posted earnings results that gave investors a reason to step back in after a brutal stretch. The stock has been deeply oversold, and a quarter that showed some cost discipline was enough to trigger a meaningful snapback.

Firefly Aerospace [FLY] $23.55 (+14.32%)

Firefly picked up a significant new launch contract, and the market repriced the stock accordingly, with volume running at 4x the normal pace, confirming this was not a quiet drift higher. The company has been steadily building its commercial launch cadence, and investors are starting to treat it less like a speculative bet and more like a real business.

Netskope [NTSK] $9.42 (-22.34%)

Netskope went public recently, and its first earnings report as a listed company disappointed on guidance, which is the worst possible way to introduce yourself to public market investors. The stock lost more than a fifth of its value as the market reset expectations for how quickly the cybersecurity firm can scale its revenue.

Resolute Holdings [RHLD] $123.11 (-19.89%)

Resolute dropped sharply with no major news catalyst, an unusual move for a stock trading above $100. The most likely explanation is a single large holder unwinding a position. When a name this thinly traded sees that kind of selling pressure, the price impact is immediate and disproportionate.

Adaptive Biotechnologies [ADPT] $12.23 (-13.99%)

Adaptive posted quarterly results that showed its core immune medicine business is growing more slowly than investors had hoped, and the company gave cautious forward guidance that gave the market little reason to stay patient. The stock has been searching for a catalyst to rerate higher, and this was not it.

A major energy breakthrough is unfolding — and it’s moving fast.

An MIT-trained scientist has unlocked a virtually inexhaustible energy source, now drawing attention from the Trump administration.

According to the U.S. Department of Energy, it could power the world for billions of years.

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That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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