WS #13746

The dominant theme remains the US-Iran/Strait of Hormuz conflict, which is ESCALATING. Iran's Revolutionary Guards have formally stated the Strait will not reopen until the US meets a sweeping list of demands including war reparations, lifting sanctions, and full military withdrawal, directly contradicting US expectations of a quick Oman-brokered deal. This is corroborated by multiple sources (AFP, Reuters, CNBC, Sky News, WSJ). Additionally, Houthi drone strikes on Saudi Aramco's Jazan refinery and the Mokha port (killing 11) mark a new escalation targeting Saudi oil infrastructure, threatening global energy supply. Israel's rejection of the US Gaza peace plan adds another layer of geopolitical friction. These developments are likely to keep oil prices elevated and support energy stocks while pressuring airlines and consumer discretionary. In a separate but significant development, Apple is testing CXMT memory chips for iPhones and MacBooks, a move to bypass the memory 'cartel' pricing, which could pressure Micron and SK Hynix while potentially easing Apple's cost pressures. Berkshire Hathaway's accelerated buybacks and $10B addition to Alphabet signals confidence in tech mega-caps, a bullish counter to the AI-selloff narrative. The Senate's Clarity Act procedural vote filing is a positive for crypto, though the bill's passage remains uncertain.