The Treasury just sold $25B in 30-year bonds at 5% yield.
First time since 2007.
Before the Iran war? That same auction saw the highest demand ever recorded in history.
Now? Weak. Forced higher just to find buyers.
When the world stops lining up to buy US debt — that’s the signal. 
JPMorgan warns OECD oil inventories could hit “operational stress levels” by early June.
UBS says buffers are “largely exhausted.”
The risk isn’t gradual — it’s a hockey stick.
One bad headline and oil goes parabolic.
June is the moment of truth.