WS #7410

The dominant theme in this window is the escalation of the Iran conflict and its impact on oil prices and global markets. Oil surged $7 this week, with crude up 3% on Friday, driven by Iran tensions and Strait of Hormuz risks. The Guardian reports Iran and Oman are coordinating future management of the Strait of Hormuz, including plans for tolls, which the US opposes. This is corroborated by multiple sources (Guardian, AP, Bloomberg, social media). AP reports stock markets worldwide dropped from records as oil price worries rattle the bond market. European indices closed sharply lower (DAX -2.05%, CAC -1.60%, FTSE -1.77%). US markets are also down (S&P 500 -1%, NASDAQ -1.42%). The G7 finance chiefs are set to discuss the global bond selloff next week, as yields surge. A Bloomberg article highlights bond futures at risk from rapid hedging overhaul. The NYT reports German Chancellor had a 'good' phone call with Trump after an Iran spat, and that Republicans waited too long to challenge Trump on the Iran war. A Reuters exclusive says the US considers asking Israel to give Palestinian tax money to Trump's board for Gaza rebuilding. On the corporate side, Trump's latest ethics filing reveals he bought NVDA, AAPL, and S&P 500 index fund, and sold MSFT, AMZN, META. This is a high-significance MAG7 carve-out: Trump buying NVDA and AAPL while selling MSFT, AMZN, META is a notable signal that could influence sentiment on those names. Cisco was upgraded by HSBC from Hold to Buy with a price target raise from $77 to $137. Palo Alto Networks was upgraded by Oppenheimer with a price target raise to $275. Applied Materials had a price target raise from Wolfe Research to $550. The crypto market structure bill (CLARITY Act) cleared a key hurdle but faces an ethics debate. Bitcoin is under pressure, dipping below $79K. The prevailing macro narrative is stagflationary: oil spike, bond selloff, equity selloff. This is an ESCALATING situation relative to the prior window, which noted no new developments. The Iran-Oman coordination on Hormuz is a new, significant escalation.