WS #7068

The dominant narrative remains the escalating U.S.-Iran conflict, with a significant new development: the Wall Street Journal confirms, based on informed sources, that the UAE has been carrying out military strikes on Iran, including an attack on the Lavan Island oil refinery in early April that knocked out capacity for months. This cross-corroborated report (WSJ, Bluesky, Atlas News) significantly escalates the conflict by implicating a key U.S. ally in direct attacks on Iran. The Strait of Hormuz blockade persists, and Polymarket data shows heavy trading on Iran-related outcomes (peace deal, Hormuz reopening, Kharg Island control). Trump's proposal to suspend the federal gasoline tax to offset surging fuel prices is a counter-signal that could provide temporary consumer relief but requires Congressional approval. UK political turmoil is intensifying, with 70 Labour MPs, including Home Secretary Shabana Mahmood, calling for PM Starmer to resign, which could create policy uncertainty. On the earnings front, several notable reports crossed: Microvast missed badly on both EPS and revenue; BuzzFeed announced a $120M investment from Byron Allen; GoPro surged on strategic review; Super Micro Computer reiterated its FY2026 outlook; 3D Systems beat estimates; and AST SpaceMobile provided weak FY2026 sales guidance. The macro picture is dominated by escalating Iran tensions and oil supply risk, while earnings season continues to produce mixed results.