WS #14855

Geopolitical risk in the Middle East is escalating sharply, with the White House rejecting Iran's proposal to reopen the Strait of Hormuz. This development directly contradicts ceasefire hopes and signals a hardening of US policy, likely sustaining elevated oil prices and defense sector demand. The narrative has shifted from 'ceasefire hopes' to 'conditional reopening,' removing the near-term de-escalation premium from energy markets. In corporate news, Apple faces a significant $5.7 billion patent infringement ruling related to haptic technology, a material headwind for consumer electronics margins. Meanwhile, macro sentiment remains anchored by geopolitical uncertainty, with polymarket data reflecting ongoing bets on Treasury yields and geopolitical outcomes, though no immediate rate decision data is present in this window.