WS #6428

The dominant narrative in this window is the intensification of the Iran-US war and its cascading economic effects. Multiple sources confirm Ukraine launched a major drone strike on Russia's Primorsk port, damaging a Kalibr-carrying ship, a patrol boat, a shadow fleet tanker, and oil-loading infrastructure. This is corroborated by Zelenskyy's statement and multiple independent reports, marking a significant escalation in the conflict. Separately, OPEC+ has approved a 188,000 bpd production increase for June, but this is largely symbolic as the Strait of Hormuz remains effectively closed, with Iranian crude oil exports stranded. The US dollar has weakened ~10% since Trump's term began, acting as a 'hidden tax' on imports. Spirit Airlines has ceased operations, becoming the first major casualty of the Iran war-driven fuel price spike. Apple reported strong earnings driven by iPhone 17 demand, while Meta's stock slumped on higher capex guidance. The US is withdrawing more troops from Germany than initially announced, with Trump hinting at further cuts from Italy and Spain, escalating transatlantic tensions.