WS #7616

The dominant narrative remains the Strait of Hormuz crisis, with oil prices continuing to climb (Brent at $110.2, WTI at $106.4) and the NYT reporting 'Oil Prices Climb and Bonds Falter as Iran War Raises Inflation Fears.' The situation is ESCALATING: a Russian drone struck a Chinese cargo vessel in the Black Sea, adding a new dimension of geopolitical risk, while Belarus started military drills involving nuclear weapons use. However, a potential counter-signal emerged as Polymarket shows bets on 'US obtains Iranian enriched uranium by May 31' and 'Iran agrees to surrender enriched uranium stockpile by December 31, 2026' — suggesting diplomatic resolution hopes persist. The global bond rout continues with the 10-year US Treasury yield hitting 4.631%, its highest since February 2025. In company-specific news, NextNRG shares surged over 90% premarket after crushing Q1 estimates with 29% revenue growth. Regeneron shares fell on disappointing melanoma trial data. SpaceX IPO is gaining momentum with Musk saying he wants to get it underway 'pretty soon.' The EU is planning to push companies to buy components from non-Chinese suppliers to reduce dependence on China, which could impact tech supply chains. Bitcoin Depot filed for Chapter 11 bankruptcy, a negative signal for the crypto sector. iQIYI reported revenue of $902.5M with non-GAAP EPADS of $0.04.