WS #10110

The dominant narrative remains the US-Iran MoU, which is now formally signed and activated. Three Saudi supertankers carrying 6 million barrels of oil have crossed the Strait of Hormuz, confirming the reopening of the waterway. OPEC chief dismissed the IEA's supply glut forecast, adding to oil market volatility. Oil prices are plunging nearly 15% for the week, with WTI at $73.96 and Brent at $77.01. This counters the prior oil supply crisis thesis and acts as a massive buy signal for equities. The dollar extended its rally on Fed rate hike bets, with traders pricing in a rate hike as soon as late next month. Initial jobless claims fell by 4,000 to 226,000, and the Philly Fed Index showed solid activity, supporting the hawkish Fed narrative. On the Ukraine front, Ukraine launched its largest drone attack on Moscow, striking a major oil refinery, but the oil market impact is being overwhelmed by the Iran deal counter-signal. In corporate news, memory and semiconductor names are ripping: MRVL up 11.9% to $324.24 on an analyst's 48% upside call tied to optical networking growth, with INTC and MU trailing close behind (+8.6%, +9.3%). Amazon is in talks to sell custom AI chips to data center customers, directly competing with Nvidia. Biogen is acquiring RayThera for up to $1 billion, expanding its immunology pipeline. The overall narrative arc is: Iran deal de-escalating oil crisis, offsetting Ukraine energy war escalation, with a hawkish Fed backdrop and strong semiconductor momentum.