WS #7732

The dominant market themes in this window are the escalating US-Iran military confrontation and the UK's decision to allow imports of Russian-origin diesel and jet fuel processed in third countries, which acts as a counter-signal to the oil supply crisis. The US has seized an Iran-linked oil tanker in the Indian Ocean, and President Trump has reportedly ordered preparations for a full-scale military assault on Iran if diplomacy fails. Vice President Vance stated the situation 'will not last forever' but no troop deployment decision has been made. The UK's move to permit Russian fuel processed via Indian refineries could ease some supply pressure, partially offsetting the bullish oil narrative. Separately, Google I/O dominated tech news with the launch of Gemini 3.5 Flash and a new 'Just Ask' AI search feature, while the 30-year Treasury yield spiked to 19-year highs near 5.2%, pressuring growth stocks. The Nasdaq 100 fell 1% as chipmakers tumbled. A Reuters/Ipsos poll showed Trump's approval falling to 35%, near the lowest of his term, with only 47% of Republicans approving his handling of the cost of living. The Iran escalation narrative is ESCALATING, while the UK fuel import policy change is a DE-ESCALATORY counter-signal for oil markets.