WS #13750

The US-Iran/Strait of Hormuz conflict remains the dominant market theme, and it is ESCALATING. Iran's Foreign Minister Araghchi explicitly ruled out resuming negotiations with the US until Washington compensates for violations, while Tehran has renewed a hefty list of conditions for reopening the strait, including compensation for war damage and withdrawal of US forces. This is corroborated by multiple sources (Fortune, The National, AP via europesays, GDELT). Simultaneously, Houthi attacks on Saudi Aramco's Jizan refinery and Yemen's Mokha port (NPR, NY Post, The National) add a fresh supply-side shock, reinforcing bullish crude and bearish airline/shipping sentiment. A potential counter-signal is the reported Oman-Iran agreement to manage the strait, but Tehran's hardline stance suggests limited immediate impact. Separately, Berkshire Hathaway's accelerated buybacks and $10B Alphabet stake increase (NY Post, Bloomberg) signal confidence in US equities, a mild positive for the broader market. Apple's testing of CXMT memory chips (WSJ via NY Post) is a notable supply-chain development with mixed implications for Apple and memory suppliers. Other items (Don Nelson death, sports, local news) are noise.