WS #12629

The dominant signal in this window is the escalating US-Iran conflict, with President Trump threatening to destroy Iranian infrastructure for any attack on shipping in the Strait of Hormuz. Brent crude has surpassed $95/barrel, and analysts warn oil could top $100 within weeks. This is a high-significance escalation from the previous stable narrative, with direct implications for energy stocks, airlines, and broader market risk sentiment. Separately, AMD announced a $5 billion investment in Anthropic for AI infrastructure, a bullish signal for AMD and AI-related names. Reddit is reportedly reconsidering its Google AI content deal, sending RDDT lower. USTR Greer made multiple statements on trade, including accelerating domestic critical minerals production to reduce reliance on China, and strengthening USMCA rules of origin. The US-Iran escalation is the highest-significance development, with direct implications for oil prices, energy stocks, and broader market risk sentiment. The narrative arc is ESCALATING.