WS #7177

The dominant signal in this window is the escalating oil supply crisis, cross-corroborated by multiple sources. The IEA warns of further price spikes as global oil inventories fall at a 'record pace,' with a record 246 million barrel withdrawal. The US moves to release 53.3 million barrels from stockpiles under the IEA agreement, a counter-signal that may dampen the bullish oil thesis temporarily. However, Trump reiterates military threats against Iran ahead of his China visit, and reports of a major missile attack on UAE oil facilities (though unverified) add to supply disruption fears. The UK contributes jets, drones, and a warship to the Strait of Hormuz defence mission, escalating the military dimension. Separately, Nvidia's Jensen Huang joining the US delegation to China is interpreted as a positive signal for export licenses, a bullish MAG7 carve-out. The UK political crisis remains stable with Starmer's brief meeting with Streeting, no new escalation. Copper prices hit record highs on AI data center demand, bullish for miners.