WS #6607

The dominant signal in this window is the rapid escalation and de-escalation of the Strait of Hormuz crisis. Trump announced 'Project Freedom' to escort ships, then paused it hours later citing progress toward a deal with Iran. This whipsaw drove crude futures down $2.30 to below $100/barrel. Multiple sources (CNBC, Alpaca, Bluesky) corroborate the pause and the Iran deal progress narrative. Separately, AMD reported strong Q1 earnings (EPS $1.37 vs est., revenue $10.25B, data center up 57%), sending stock up $51 after hours. Super Micro issued strong Q4 guidance (revenue $11-12.5B vs est. $11.07B), stock up 18% after hours. Intel and Micron continue to see massive options activity. The Iran situation remains fragile but the pause is a clear counter-signal to the bearish oil thesis.