WS #6304

The dominant narrative in this window is the escalating US-Iran conflict and its severe market implications. Multiple sources confirm the Strait of Hormuz remains closed, with oil prices holding near $106/barrel and US gas prices hitting $4.30/gallon. The Pentagon disclosed the war has cost at least $25 billion, while a separate estimate puts the true cost at $50 billion. Trump has rejected Iran's ceasefire offers and threatened to reduce US troops in Spain and Italy, escalating geopolitical tensions. This is a clear ESCALATION of the Iran war narrative. Counter-signals are limited: the US House passed a bill to end the DHS shutdown, and the White House economic advisor promised oil will 'flow like you've never seen before' once the Strait reopens, but no concrete de-escalation has occurred. On the corporate front, Apple reported a record March quarter with $111.2B revenue and $2.01 EPS, driven by iPhone 17 demand, while Meta's $145B capex plan sent its stock down 9%. Alphabet surged 10% on strong cloud growth. The Anthropic $900B valuation round and Nvidia's $420M Bittensor investment highlight continued AI momentum. New Zealand consumer confidence hit a three-year low due to the oil shock, and the UK raised its terror threat level after a stabbing attack on Jewish men. The overall market picture is one of resilience in equities (S&P 500 up 1% to record) despite macro headwinds from energy prices and geopolitical risk.