WS #6568

The US-Iran ceasefire remains intact per Pentagon chief Hegseth, but hostilities continue with Iran launching new drone and missile attacks on the UAE on Tuesday, hitting an oil refinery in Fujairah. The Strait of Hormuz remains largely empty despite US efforts to guide vessels through. Chevron's CEO warned physical oil supply shortages are beginning to materialize, while S&P Global estimates it will take at least seven months to restore production after the strait reopens. OPEC+ plans to raise output by 188,000 bpd in June, but this is unlikely if Hormuz remains shut. Oil prices have surged 57% since the conflict began, with European gas up 51%. Central banks risk recession if they raise rates to combat the oil shock, a strategist warned. Intel surged 14% on reports Apple is in talks to use Intel chips for US-made devices, hitting a new all-time high. The stock is up 114% in April. Separately, Apple is reportedly planning to raise iPhone 18 Pro prices by over $100 for higher storage configurations due to rising component costs. Ferrari shares fell 4% after Q1 results and guidance trailed views, though the company found workarounds for Middle East disruptions. Anthropic CEO said revenue grew 80x in Q1 on an annualized basis and that individual SaaS companies may go bust from AI disruption. BioNTech announced closure of its Marburg plant, cutting 540 jobs, due to low utilization and overcapacity. Coinbase is cutting 700 jobs (14% of workforce) to focus on AI efficiency. The Volksbank Brawo in Germany replaced its CEO and is calling on the BVR safety net due to risks from write-downs.