WS #6486

The dominant theme is the escalating US-Iran confrontation in the Strait of Hormuz, with multiple sources reporting Iran's warning to attack any foreign forces approaching the strait, Trump's 'Project Freedom' to escort ships, and a tanker being hit by unknown projectiles. This is a high-significance escalation. Separately, OPEC+ announced a 188,000 bpd output increase for June, but this is largely symbolic as Hormuz blockade limits actual supply. The ECB survey shows eurozone inflation expected to average 2.7% in 2026, with rate hikes likely in June. Bitcoin broke above $80,000 for the first time since January, driven by Asian equity rally and ETF inflows. European auto stocks fell after Trump threatened 25% tariffs on EU cars. The GameStop-EBay bid is stale and not repeated. The prevailing macro narrative is energy crisis escalation, with oil prices remaining elevated above $100.