WS #13707

The dominant theme remains the Strait of Hormuz crisis, which is STABLE but with a notable new data point: Iran's Foreign Minister Araghchi and IRGC explicitly stated that the Oman agreement does NOT mean the strait will reopen, and Iran has issued a list of conditions including US compensation and lifting sanctions. This dampens hopes of a quick resolution and supports elevated oil prices. Additionally, Iran reportedly targeted a UAE ADNOC tanker despite talks, adding to geopolitical risk. Oil prices have already fallen on ceasefire hopes (WTI ~$78, Brent ~$83.5), but this new rhetoric could reverse that. In corporate news, Alphabet is seeking $20-25B in bond offering to fund AI infrastructure, a significant signal of AI capex intensity and potential debt load. Also, Amazon confirmed a large natural-gas power plant for a Texas data center, which could be the largest single source of climate pollution in the US, highlighting the energy demands of AI. These developments are cross-corroborated by multiple sources (GDELT, Bloomberg, NYT).