WS #6523

The dominant signal in this window is a major escalation in the Iran-US conflict, with multiple cross-corroborated reports of Iranian drone/missile strikes on UAE oil infrastructure (Fujairah port) and US naval forces exchanging fire in the Strait of Hormuz. This breaks the fragile ceasefire and represents a significant escalation. Oil prices have surged (Brent +5.4% to $114, WTI +3.3% to $105.3) as a direct result. The US has launched 'Project Freedom' to escort ships through the strait, while Trump threatened to 'blow Iran off the face of the earth.' This is the highest-significance development and will drive energy, defense, and transport sectors in the next 1-8 hours. Separately, Palantir reported exceptional Q1 results (revenue +85% Y/Y to $1.6B, raised FY guidance to ~$7.7B), which is a high-significance positive for PLTR and the AI/defense tech space. Michael Burry sold his entire GameStop stake, contributing to GME's -10.1% drop. The White House was briefly locked down after a shooting near the Washington Monument, but this appears to be an isolated incident with no broader market implications. The Iran-UAE escalation is the key narrative, and it is clearly ESCALATING.