WS #6131

The dominant market theme is the continued escalation of the Iran conflict, with diplomatic efforts stalling and oil prices surging. Iran's proposal to reopen the Strait of Hormuz was rejected by Trump, who insists on nuclear talks first, leading to a spike in Brent crude above $109. BP reported a massive Q1 profit beat ($3.2B vs $2.63B est.) driven by the Iran war, confirming the bullish energy thesis. The Bank of Japan held rates but sharply raised its inflation forecast to 2.8% due to energy costs, signaling persistent global inflationary pressure. In tech, Alphabet closed at an all-time high ahead of its earnings, while OpenAI's revenue miss and China's block of Meta's Manus acquisition introduce counter-signals to the AI narrative. The attempted assassination of Trump at the WH correspondents' dinner adds a layer of political uncertainty but is unlikely to materially shift market direction in the near term.