WS #14312

The dominant US-Iran conflict and energy market narrative remains stable, with no new counter-signals or de-escalation. Fed Chair Warsh's hawkish remarks and the US-Venezuela oil deal continue to be the primary drivers, but no new data points have emerged to alter the outlook. This window carries 5 key development(s), 3 at significance:high: US holds forces at elevated readiness in Middle East after Iran negotiations stall; Trump confirms SPR refill using Venezuelan oil, but experts doubt near-term impact; Nvidia demand nearly doubles, supply only 70%, supply chain bottleneck. A further 2 development(s) sit below significance:high.