WS #7070

The dominant narrative remains the escalating U.S.-Iran conflict, with the Strait of Hormuz blockade persisting and oil prices surging. Trump stated the Iran ceasefire is on 'life support' after the US rejected the latest proposal, and Aramco's CEO warned it will take months to normalize oil markets even if flows resume, with 1 billion barrels of supply wiped out. This is highly bullish for energy stocks (XOM, CVX, XLE) and bearish for airlines (DAL, UAL, AAL) and consumer discretionary. The Supreme Court cleared the way for Alabama to redraw congressional maps ahead of the midterms, a 6-3 ruling that could net Republicans a seat. On the UK political front, pressure on PM Starmer is intensifying, with NYT reporting dozens of Labour lawmakers calling on him to quit. In corporate news, GitLab announced layoffs and restructuring to shift toward AI agents. Datadog insiders filed multiple large sell notices, totaling over $29M, which could signal insider bearishness. Hims & Hers Health fell after Q1 results missed on both lines. Super Micro Computer reiterated its FY2026 outlook. A large dark pool order of $500M in MSFT was detected. The narrative arc is ESCALATING on Iran/geopolitical risk, STABLE on the tech rally (S&P record), and DE-ESCALATING on UK political stability (Starmer under threat).