WS #7016
The US-Iran conflict narrative is ESCALATING after President Trump rejected Iran's counterproposal as 'totally unacceptable,' with stock index futures falling and oil topping $104. Three crude oil tankers exited the Strait of Hormuz with trackers off, and shippers continue to avoid the chokepoint despite safe passage offers. The UK and France are hosting a meeting on restoring Hormuz shipping, but no resolution is in sight. Separately, the US Senate is expected to confirm Kevin Warsh as Fed chair this week, a development that could shift monetary policy expectations. In company-specific news, Cameco (CCJ) halted production at Key Lake mill and reduced McArthur River mine activity due to flooding, impacting uranium supply. The Latvian defence minister resigned after Ukrainian drones struck an oil storage facility, adding to NATO tensions.
Key developments
- Trump rejects Iran peace proposal as 'totally unacceptable'; oil tops $104
- Three crude oil tankers exit Strait of Hormuz with trackers off
- US Senate expected to confirm Kevin Warsh as Fed chair this week
- Cameco halts Key Lake mill and cuts McArthur River mine due to flooding
- Latvian defence minister resigns after Ukrainian drone strike on oil storage