WS #13660

The dominant market narrative is the de-escalation of the US-Iran conflict, with multiple sources (Reuters, ANI, News.az, Daily Star) reporting progress in Iran-Oman talks to reopen the Strait of Hormuz, with a US official expecting a deal 'soon' and the US lifting its blockade of Iranian ports upon implementation. This is a counter-signal to the earlier war-driven oil spike, and Brent crude settled at $83.55 (+1.3%) on Friday, though it remains volatile amid uncertainty. The US Senate passed the Lindsey Graham Sanctioning Russia and Iran Act (86-11), which could impose up to 100% tariffs on top buyers of Russian crude (China, India, etc.), posing a risk to global trade and energy flows, though it awaits House approval. Ukraine escalated drone strikes on Russian oil refineries (Syzran, Ilsky), injuring five and causing fires, which supports oil prices and adds geopolitical risk premium. In corporate news, Nvidia is reportedly investing up to $3 billion in Lancium (20% stake) and announced a $500 billion partnership with SK Group for AI factories and HBM memory, reinforcing AI infrastructure demand. Amazon confirmed a 7.65 GW gas-fired power plant in Texas for data centers, highlighting AI energy demand. Congo banned copper and cobalt concentrate exports, spiking copper prices to near-record highs. Bitcoin infrastructure suffered another exploit (BTCPay/LND), draining Lightning nodes, adding to crypto market jitters. Overall, the market is balancing geopolitical de-escalation with new sanctions and supply disruptions, with oil and AI-related equities as key movers.