WS #6390

The dominant signal in this window is the escalating Iran-US conflict, with multiple sources reporting that Iran's military warns war with the US will 'likely' resume, Trump rejecting Iran's latest peace proposal, and the US warning shipping firms against paying Iran tolls for Strait of Hormuz passage. This is corroborated by BBC, Guardian, GDELT, and multiple financial outlets. The Strait of Hormuz disruption continues to drive oil prices above $105 WTI, with Exxon and Chevron reporting Q1 earnings declines despite the price surge due to production disruptions. The US also announced withdrawal of 5,000 troops from Germany, escalating transatlantic tensions. On the corporate front, Spirit Airlines has ceased operations after creditors rejected a bailout, becoming the first major US airline casualty of the jet fuel price surge. Apple CEO Tim Cook warned of extended memory crunch, which could pressure margins across tech. The yen surged to 155 against the dollar amid suspected BOJ intervention. OPEC+ agreed in principle to a small output quota increase for June, but the increase remains largely on paper due to Hormuz closure. Berkshire Hathaway's first annual meeting without Warren Buffett saw CEO Greg Abel stress technology opportunity. The narrative arc is ESCALATING on Iran tensions, with no de-escalation signals in this window.