WS #8176

The dominant signal in this window is the escalating narrative of a US-Iran peace deal, with multiple sources reporting progress and a potential reopening of the Strait of Hormuz. Oil prices are falling sharply (Brent down ~5.5% to $97.69, WTI down ~5.7% to $91.07) as risk appetite returns. The US dollar is weakening, the euro is rising, and global stocks are rallying on hopes of a resolution. This represents a significant de-escalation of the prevailing crisis narrative, directly countering the prior bearish energy thesis. Separately, the Bank of England held rates at 3.75% (8-1 vote) with one hawk dissenter, and the Fed's April FOMC minutes showed a hold with dissents from Miran and Waller who wanted a cut. The ECB is signaling a potential June rate hike due to the energy shock. The FDA approved the first gene therapy for genetic hearing loss and the first non-antipsychotic drug for Alzheimer's agitation. Alibaba's Qwen AI was used to draft a tech pact with Pakistan, highlighting AI's growing role in dealmaking.