WS #6933

The dominant narrative remains the Iran-US war and Strait of Hormuz blockade, with the Trump-Xi summit on May 14-15 serving as a key deadline for investors. The situation is STABLE but with a new development: a Qatari LNG tanker, the Al-Kharaitiyat, has successfully transited the Strait of Hormuz with Iran's approval, marking the first such passage since the conflict began. This is a potential counter-signal to the prevailing bearish energy thesis, suggesting diplomatic channels may be opening. Separately, Saudi Aramco reported a 26% YoY profit jump, beating estimates, as its East-West pipeline reached full capacity of 7 million bpd, mitigating some of the blockade's impact. The UK has deployed HMS Dragon to the Middle East as coalition plans naval escorts. On the macro front, US CPI is expected to rise to 3.9% from 3.3%, reflecting the stagflation impact. In crypto, Strategy (formerly MicroStrategy) is considering selling Bitcoin for the first time, a major shift from its 'never sell' dogma, which could pressure BTC. Tesla received a $100 million order for 370 Semi trucks, a bullish signal for the stock. The S&P 500 is approaching 5,400 but with weak breadth and overvaluation concerns.