WS #7211

The dominant macro narrative remains the Iran oil crisis, which is ESCALATING. Multiple high-signal items confirm this: Kashkari explicitly stated that the Strait of Hormuz closure has upended the inflation environment and that even if it reopens, supply chains will take months to normalize. The EIA reported Hormuz oil flows fell nearly 30% last quarter. The Senate again rejected an Iran War Powers Resolution (49-50), maintaining the status quo. 30-year Treasury yields hit 5% for the first time since 2007, a direct consequence of energy-driven inflation. Gulf Interior Ministers held an emergency meeting in Riyadh. On the corporate front, Ford shares soared on Morgan Stanley's bullish call on its energy storage business, a positive signal for F. Fervo Energy surged 33% in its Nasdaq debut, signaling strong demand for energy/AI infrastructure plays. Akamai shares rose after BofA upgrade and Q1 beat on cloud/AI demand. Plug Power gained after earnings beat, with analysts raising targets. Nvidia hit a record high, supporting the tech rally narrative. The dominant theme is ESCALATING, with no genuine counter-signals to the Iran oil crisis.