WS #9391

The dominant signal in this window is a sharp reversal in the oil-driven geopolitical narrative. Multiple sources confirm that US Energy Secretary Wright stated Strait of Hormuz oil exports will continue to rise and the US Embassy in Jerusalem lifted shelter-in-place orders, triggering a ~$4/bbl drop in WTI crude (down ~4.2% to ~$87.44). This is corroborated by reports that Kuwait is offering crude cargoes to Asia for the first time since the Iran war began, and an OilPrice.com headline explicitly states 'Ceasefire Caps Oil Rally as China Demand Weakens.' This counters the prior escalation narrative from the previous window. Meanwhile, Israeli air strikes on Tyre continue (BBC, Reuters), but the oil market is now pricing de-escalation. On the macro front, JPMorgan strategist expects CPI above 4%, adding to bearish equity pressure. Apple (AAPL) continues to slide, down >8% from midday yesterday, as the WWDC AI reveal fails to sustain momentum. Salesforce is cutting more jobs, including on AI product teams. China's reported $295B AI data center plan to reduce dependence on NVDA/AMD adds structural headwind for US semis. The narrative arc is DE-ESCALATING on oil/geopolitical risk but STABLE on bearish equity macro.