WS #8792

The dominant signal in this window is the escalating US-Iran crisis, with Iran threatening to close the Strait of Hormuz and oil prices surging ~6% to ~$95/barrel. This is corroborated by multiple sources (Bluesky posts, Polymarket trades on Strait of Hormuz traffic). The narrative is ESCALATING. Separately, Russia launched a massive overnight missile and drone assault on Ukrainian cities, including a strike on Dnipro killing 4 and wounding 16, and a drone attack on Russia's Ilsky oil refinery. These events support elevated oil prices and geopolitical risk. On the corporate side, Wedbush raised its price target on IBM to $350 from $320, a positive signal for IBM. Robinhood closed a $180 million acquisition of WonderFi to enter the Canadian crypto market, a positive for HOOD. Aluminum advanced to a four-year high on tighter global market, bullish for AA and related tickers. The Andrew Left guilty verdict is confirmed but already priced in. The Anthropic IPO narrative carries forward. The Alphabet capital raise from the previous window is not refuted and carries forward as ongoing.