WS #6048

The dominant signal in this window is the escalation of US-Iran tensions after peace talks stalled over the weekend, with Iran's FM heading to Russia for talks and Trump cancelling envoy trips. Oil prices rose 2% (Brent ~$107, WTI ~$96) on the impasse, while gold edged lower on dollar strength. A new Axios report indicates Iran proposed reopening the Strait of Hormuz and ending the war with nuclear talks postponed, but Trump dismissed it, saying Iran can 'telephone' him. This counters the previous ceasefire optimism and suggests continued oil supply disruption. Separately, the White House Correspondents' Dinner shooting (suspect killed by Secret Service) adds a domestic security angle but appears contained. In corporate news, Sun Pharma announced an $11.75B acquisition of Organon, Meta signed a multi-billion dollar deal with Amazon for Graviton chips, and Goldman Sachs flagged a potential turnaround for NVIDIA and other 'Rule of 10' growth stocks. Bitcoin recovered to ~$78,189 amid institutional buying. The overall narrative is ESCALATING geopolitical risk with oil price implications, partially countered by the Iran proposal but with no de-escalation in sight.