WS #7072

The dominant narrative remains the escalating U.S.-Iran conflict with oil price surge, now escalating further. Trump explicitly stated the Iran ceasefire is on 'life support' after rejecting Tehran's latest counterproposal, which included demands for war reparations and full sovereignty over the Strait of Hormuz. This directly contradicts any de-escalation hopes and reinforces the oil supply crisis. Bloomberg and multiple sources confirm oil holds gains on this deadlock. The U.S. also unleashed another wave of emergency oil releases to combat rising gas prices, a counter-signal that dampens but does not offset the bullish oil thesis. Separately, the Supreme Court allowed Alabama to revert to a congressional map with one majority-Black district, a political development with limited direct market impact. On the corporate front, GitLab announced a restructuring plan causing shares to slide, and Sezzle secured a $300M credit facility at improved terms. The UK political crisis around Starmer continues but with no new material developments. The overall market narrative is stable with stock futures little changed ahead of CPI data.