WS #5917

The dominant signal in this window is the escalation of Iran-US tensions, with Iran's FM leaving Pakistan without meeting the US for a second round of negotiations, just hours after Iran denied ever requesting talks. This suggests a breakdown in diplomatic efforts and increases the risk of further conflict, which could impact oil prices and energy markets. Additionally, California's jet fuel supply has dropped to a three-year low due to Middle East turmoil, corroborating the oil supply squeeze. The Trump crypto conference featuring Tether CEO and Cathie Wood is a notable event but likely already priced in. Other items are noise or unrelated.