WS #13814

The Strait of Hormuz crisis and oil price surge remain the dominant narrative, with no new counter-signals or de-escalation. Intel's capital raise and Apple's headwinds continue as previously reported. No new data points warrant updating the key developments list. This window carries 5 key development(s), 4 at significance:high: Iran demands sweeping conditions for Hormuz reopening; oil surges 4%; Nvidia in talks for $500B AI infrastructure financing with major financial firms; Intel announces $15B share sale, stock falls ~4%; Jefferies downgrades Apple to Underperform on canceled all-glass iPhone. A further 1 development(s) sit below significance:high.