A.M. Update

S&P Futures are down 0.1% after erasing most overnight gains as WTI crude oil futures climb +1.85% to $79.62/bbl. Iran is doubling down on its hard-line conditions for reopening the Strait of Hormuz, demanding major U.S. concessions, including compensation for war damage, lifting of the naval blockade, sanctions relief, force withdrawals, and an end to…