With the death of Iran's Supreme Leader confirmed by the US and Israel's Operation Epic Fury on February 28, Iran struck US military bases in five Middle Eastern countries with the True Promise 4 retaliatory operation. As signals of a blockade of the Strait of Hormuz are detected, 20% of global oil supply is threatened. Oil prices are expected to surge by $10-20, US Treasury yields to fall below 3.5%, and Korean Treasury yields to decline in tandem when the market opens on Monday.