WS #5909

The dominant signal in this window is the escalating crisis in the Strait of Hormuz, with multiple sources reporting that the strait remains largely empty of merchant ships, Trump threatening to shoot Iranian boats mining the waterway, and Yergin calling it the 'biggest energy disruption ever.' This is corroborated by reports of an airstrike near the Bushehr nuclear plant and Iran issuing a stark warning over a U.S. naval blockade. This development is highly significant for oil markets, likely driving crude prices higher and benefiting energy sectors while hurting airlines and shipping. Separately, the DOJ has ended its probe into Powell, clearing a key hurdle for Kevin Warsh's Fed chair confirmation, with the Senate Banking Committee vote set for April 29. This reduces near-term policy uncertainty and could be modestly positive for financials. Other items are noise: a royal tribute, a train collision in Denmark, a fire in Delhi, and routine market commentary.