WS #10479

The dominant signal in this window is the ongoing US-Iran peace talks and oil sanctions easing, which is de-escalating the oil supply crisis narrative. Multiple sources (Bloomberg, Headline Dispatch, CNBC) corroborate that the US has eased oil sanctions on Iran, allowing some oil sales, and that peace talks are showing early progress. Trump hedged on whether Iran will use oil profits to rebuild its military, but the overall trajectory is de-escalation. Separately, insider selling at MARA Holdings ($MARA) is notable, with three insiders selling $720K in shares. The IBM-OpenAI partnership on enterprise security AI is a positive signal for IBM. SpaceX stock dropped 16%, losing the combined market cap of Palantir and Robinhood, which is a significant negative for the space/tech sector. The narrative arc for the Iran war/oil theme is DE-ESCALATING due to peace talks progress and the US waiver. The UK political situation is also notable: Keir Starmer resigned, paving the way for Andy Burnham as PM, which could impact UK-focused assets but is less directly relevant to US markets.