WS #13527

The dominant theme in this window is the escalating US-Iran conflict and its impact on global energy markets, with the Strait of Hormuz deadlock showing signs of both escalation and potential de-escalation. Iran is in the 'final stage' of drafting an agreement with Oman to reopen the strait, but a cargo ship was struck near Oman, and Iran has warned Gulf states of retaliation against energy infrastructure if attacked. This is corroborated by multiple sources (Al Jazeera, Reuters, GDELT, Polymarket). Brent crude is up 1.76% to $80.85, and the proposed deal would give Iran control over inbound traffic, a major concession. This is a high-significance geopolitical development with direct implications for oil prices, energy stocks, and risk assets. Separately, the US Senate panel voted to hold Anthony Fauci in contempt of Congress, a political story with limited direct market impact. In earnings, Western Digital (WDC) slumped ~15% premarket despite a beat, as analysts highlighted peer Seagate's results; SanDisk (SNDK) fell 9.6% after guidance missed; and Datadog (DDOG) dropped 14% despite a beat. These tech earnings misses are pressuring the Nasdaq, with chip stocks slipping. Alphabet (GOOGL) is marketing a bond offering of up to $25 billion, testing investor appetite amid AI spending concerns. The KOSPI dropped 4.6% on SK Hynix's 10.4% plunge, reflecting a broader AI-chip selloff. The macro data was positive: US initial jobless claims came in at 199k vs 205k forecast, and German industrial orders spiked 3.1% vs 0.5% expected, but these are secondary to the geopolitical and earnings signals.