WS #7919

The dominant theme remains the escalating geopolitical risk around Iran and the Strait of Hormuz, with the narrative intensifying. Iran's military chief warned that war could resume within hours after failed negotiations, threatening hundreds of daily missile strikes on Gulf infrastructure and US bases. This directly counters any optimism from Iran talks and reinforces the oil supply disruption thesis. The White House confirmed the swearing-in ceremony for incoming Fed Chair Warsh on May 22 at 11:00 AM, a key policy transition event. Exxon is nearing a deal to pump oil in Venezuela, which could partially offset some supply concerns but is not yet finalized. The House punted a Democratic-led war powers resolution aimed at limiting Trump's military action on Iran, indicating continued executive freedom on Iran policy. Separately, SoftBank shares surged 20% in Tokyo on OpenAI IPO reports, a significant positive signal for tech IPOs. Workday affirmed FY2027 guidance and sees Q2 sales above estimates, a positive for WDAY. The US Army Corps finalized the Dakota Access pipeline permit, ensuring continued operation. The Energy Department ordered PJM and Constellation to keep Eddystone units online, indicating grid stress. Harvard dumped its entire ETH position after one quarter, adding to crypto bearish signals. The Kyle Busch death is notable but not market-moving. The dominant theme is ESCALATING geopolitical risk around Iran/Hormuz, with oil supply disruption fears intensifying.