WS #6718

The dominant narrative remains the Iran conflict, with the U.S. Energy Secretary stating Iran has cut oil production by 400,000 bpd, corroborating earlier reports of a potential de-escalation via a 14-point MOU. This is a significant development that could ease supply fears, but counter-signals persist: Air Canada is cutting flights due to jet fuel costs, and oil prices remain volatile. The narrative arc is shifting from ESCALATING to POTENTIALLY DE-ESCALATING for the Iran conflict, but the energy supply disruption remains acute. On the corporate side, Datadog shares surged 28% on strong quarterly results, while Fastly fell 35% on growth deceleration concerns. Citi's Investor Day targets underwhelmed, with shares falling. Boeing CEO will join Trump on China visit, a potential positive for US-China trade relations. The tech rally shows mixed signals: Nasdaq up, but energy sector down. Silver ETF ($SLV) is on pace for best 2-day rally since 2020/2008, up 12.5% so far. CME Group plans to launch a physically based uranium contract, signaling growing institutional interest in nuclear energy. Retail Bitcoin sentiment is at its most bullish in 4 months, with BTC pushing above $80,000.