WS #12858

The dominant narrative remains the Iran conflict and its impact on oil markets, with several new data points emerging. A Reuters/Ipsos poll shows only 33% of Americans approve of the US war with Iran, the lowest level since early days, and 69% say Trump has not clearly explained goals. Trump himself stated 'You can't bribe them — you gotta beat them — and we are beating the hell out of them,' while also noting 'friendly negotiations' and Iran pleading against a blockade. Houthis claimed drone strikes on Saudi oil infrastructure, and Iraq's Hezbollah denied involvement. Polymarket shows active trading on ceasefire continuation and US halt in offensive operations. Oil analysts from Macquarie suggest markets could tilt back into oversupply before year-end as pressure mounts to end the conflict. Separately, a major earnings dump after the close includes beats from F5 Networks, Welltower, Applied Digital, Rambus, Cadence Design Systems, and others, with notable misses from Cincinnati Financial and TFI International. Apple reclaimed the title of world's most valuable company. The Fed decision and MSFT/META earnings loom Wednesday.