WS #7506

The dominant macro narrative remains the US-Iran escalation and Strait of Hormuz blockade, which is ESCALATING. A drone strike hit an Iranian Kurdish opposition HQ in Sulaymaniyah, widening the conflict. Oil prices continue to spike (WTI +4.20%, Brent +3.35%), and the global inventory race intensifies per Bloomberg. Berkshire Hathaway's Q1 13F reveals a major pivot: increased GOOGL stake by 204% to $15.6B, new $2.6B DAL stake (first since pandemic), and exited AMZN, V, MA entirely. This is a high-significance MAG7 carve-out: GOOGL bullish, AMZN bearish. Separately, a vulnerability was discovered in Apple M5 chips, which could pressure AAPL. The Eurovision final is ongoing but not market-moving. The UK refusal to join the blockade remains a counter-signal. Overall, energy (XOM, CVX, XLE) bullish, airlines (DAL, UAL, AAL) bearish, defense (LMT, RTX) likely to benefit. The Berkshire 13F provides a strong signal for GOOGL and DAL.