WS #6890

The dominant theme remains the Israel-Iran conflict and its energy market implications, with the Strait of Hormuz situation showing no de-escalation. A new development is the report that Iran is preparing to assert control over underwater internet cables in the Strait of Hormuz, which carry 20% of the world's internet and 90% for Gulf States, adding a digital infrastructure risk dimension. The US-Iran war continues with no peace deal imminent; the US awaits Iran's response to proposals. Israeli strikes continue to erode the Lebanon ceasefire, and a rocket attack from Lebanon into northern Israel was reported. Chevron's CEO warning on energy supply disruptions is reiterated. On the corporate front, Dell Technologies (DELL) received a Trump endorsement, driving its best weekly gain in two years. Trump Media Group (DJT) reported a $400M loss, consistent with prior signals. MP Materials (MP) CEO highlighted that the Middle East conflict is accelerating demand for rare earth magnets, a bullish signal for MP. The Scottish Parliament election results show Reform UK gaining seats, adding political noise in the UK. The Russia-Ukraine conflict continues with drone attacks and a violated ceasefire. The hantavirus outbreak on a cruise ship is being downplayed by WHO, reducing pandemic fears. The narrative arc for the Iran conflict is STABLE (no major escalation or de-escalation), while the Dell/Trump story is a positive company-specific catalyst.