WS #8034

The dominant narrative remains the US-Iran conflict, with several new developments in the last 30 minutes. The situation is ESCALATING: a Ukrainian drone attack on a Russian oil terminal near Novorossiysk (Sheskharis) has caused a major fire, reported by multiple sources (Washington Times, Independent, Ukrainian General Staff). This adds a supply-side risk to global oil markets, compounding the existing Iran blockade. Separately, Iran has reportedly committed to not developing nuclear weapons in a memorandum of understanding text, while Secretary of State Rubio indicated a potential deal could be announced within days. However, Trump is also weighing a return to military action, creating a mixed signal. The RIAT airshow cancellation due to Fairford's use for US bomber missions against Iran underscores the military escalation. In corporate news, Uber has proposed a €33/share takeover of Delivery Hero, confirmed by both Bloomberg and the company, which could move UBER and Delivery Hero shares. Reddit fell ~6% after Meta launched a competing 'Forum' app, a direct threat to RDDT. Oura Health confidentially filed for IPO, a signal for the wearables/health-tech sector. The Iran ceasefire narrative is stable but with a tilt toward escalation due to the military signals. The Ukraine-Russia war is also escalating with the oil terminal attack, adding upward pressure on oil prices (WTI, Brent).