WS #6727

The dominant narrative remains the Iran-Strait of Hormuz conflict, which is ESCALATING. A CMA CGM vessel was attacked in the Strait, with reported damage and crew injuries, confirming ongoing risks to shipping. Saudi Arabia refused the US use of its bases for 'Project Freedom', a plan to escort oil tankers, which was subsequently shelved. This underscores Saudi desire for de-escalation and limits US military options. Iran's president met with the Supreme Leader, who has been out of public view since being wounded, signaling internal political stability. The US is pushing for de-escalation ahead of new talks scheduled for May 14-15. Oil prices remain elevated, with Polymarket showing bets on WTI hitting $110 in May. The oil shock is putting global rate hikes back in play, with Norway flagged as the latest example. Separately, a hantavirus outbreak has jumped from a cruise ship to Switzerland, with 149 new cases confirmed by WHO, though Polymarket still prices a 2026 pandemic in single digits. On the corporate front, Shake Shack plunged 30% on a Q1 loss and revenue miss, while Shift4 Payments surged 9% on strong earnings. HawkEye 360 jumped 30% on its IPO. The Trump administration plans to invite CEOs from Nvidia, Apple, and Exxon on a China trip, which could be a positive catalyst for those stocks. Meta is challenging UK regulator Ofcom fees in court. Michael Burry reported selling Salesforce and Autodesk at small profits.