WS #8272

The dominant theme in this window is the continued escalation of US-Iran tensions, with new US military strikes in southern Iran targeting boats laying mines and missile launch sites, as reported by CENTCOM. This is corroborated by multiple sources including Bloomberg and social media posts. The strikes follow failed diplomacy and deepen the oil supply crisis. However, a counter-signal emerges: US Treasury yields are falling on hopes for a Hormuz deal, and prediction markets now assign >50% odds of a US-Iran peace deal by July, suggesting some de-escalation expectations. Separately, Micron (MU) continues its surge, hitting $800 and closing in on $1 trillion market cap, driven by AI memory demand and a UBS price target tripling. This is a high-significance MAG7-adjacent development. A federal court blocked Alabama's congressional map, a political development with limited direct market impact. The UK recorded its highest-ever May temperature, a weather event with no immediate market implications. Overall, the narrative is STABLE with the Iran crisis persisting but with nascent peace deal hopes acting as a partial counter.