WS #7183

The dominant narrative remains the escalating oil supply crisis and geopolitical tensions, with the Ukraine-Russia conflict intensifying after a ceasefire expired. Ukrainian drone strikes hit a Russian oil refinery in Yaroslavl and oil shipping infrastructure in Krasnodar Krai, while Russia launched a mass drone attack on Ukraine, killing nine. The IEA warns Middle East conflict threatens global oil supply, and Iran's Kharg Island oil jetties were empty again yesterday per satellite, signaling continued disruption. Trump arrives in Beijing for the Trump-Xi summit, a key macro event. In the UK, Nigel Farage faces a formal investigation over a £5m gift from a crypto billionaire, adding to political instability. In tech, Tower Semiconductor signed $1.3B in silicon photonics contracts for 2027, a strong bullish signal for TSEM and the photonics sector. Nebius Group reported Q1 revenue surging nearly sevenfold and raised contracted power guidance, indicating strong AI infrastructure demand. Vishay Intertechnology beat estimates and guided Q2 above consensus, positive for the semiconductor cycle. Alibaba reported mixed Q4 results, with shares trading lower. Equinox Gold agreed to buy Orla Mining in a $5.1B deal. Intertek backed a £10.6bn takeover by EQT. The overall narrative arc is ESCALATING geopolitical risk with mixed tech signals and UK political instability.