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Iran has begun laying mines in the Strait of Hormuz, the world’s most important energy chokepoint that carries about one-fifth of all crude oil, according to two people familiar with US intelligence reporting on the issue. The mining is not extensive yet, with a few dozen having been laid in recent days. CNN

The IEA is proposing a record release of up to 400 million barrels of emergency oil reserves — more than double the amount deployed after Russia’s invasion of Ukraine, a person familiar said. Japan is set to release oil reserves by itself as early as Monday, NHK reported, citing PM Sanae Takaichi. BBG

The Trump administration believes it can withstand a brief spike in oil prices — for as many as four weeks, as one person close to the White House suggested — before the political hit does lasting damage. Politico

JPMorgan Chase has clamped down on its lending to private credit groups, with bankers looking to cut risks as concerns mount over the credit quality of companies in their stables.

Global bonds face more declines as traders bet inflation fallout from the Iran war will push central banks to raise rates. Markets are pricing two hikes in Australia and see the BOJ and ECB among candidates to also tighten. BBG

Lebanon's Hezbollah is applying lessons from its last war with Israel as it braces for a possible full-scale Israeli invasion and protracted conflict, returning to its roots in guerrilla warfare in south Lebanon, four Lebanese sources said. RTRS

The UK Navy said three vessels were hit in the Strait of Hormuz and the Persian Gulf. BBG

China moved to restrict government agencies and state firms from running OpenClaw AI apps on office computers. BBG

ECB’s Christine Lagarde said policy makers will ensure the Iran war doesn’t cause the same inflation surge as Russia’s Ukraine invasion did. BBG

Senators Warner (D) and Rounds (R) are to introduce new legislation focused on AI and the workforce: Axios

CPI Preview from Goldman: Expect a 0.17% increase in February core CPI (vs. +0.2% consensus), corresponding to a year-over-year rate of 2.42% (vs. +2.5% consensus). Expect a 0.18% increase in headline CPI (vs. +0.3% consensus), reflecting higher food (+0.1%) and energy (+0.5%) prices. GS forecast is consistent with a 0.24% increase in core PCE in February.

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