WS #9468

The dominant narrative remains the US-Iran conflict, which is escalating with the IAEA board passing a resolution demanding Iran declare enriched uranium stocks (21-3-10 vote). Iran's mission called the resolution 'political' and 'devoid of professionalism,' signaling no compliance. However, a potential counter-signal emerged: JD Vance stated the US is close to a long-term deal on Iran's nuclear program, suggesting possible de-escalation. Oil prices continue to climb, supported by a larger-than-expected EIA crude draw of 7.227M barrels vs 3.000M estimate, and OPEC output falling 1.06M bpd in May to the lowest in over two decades. Shell CEO said oil prices likely to keep climbing after the war ends. US gasoline futures extended gains after the EIA report. Bitcoin ETFs shed all inflows made after Trump's 2024 election win, with net assets falling to $77.58B. Strategy (MSTR) acquired 1,550 BTC for $101M, increasing its reserve to 845,256 BTC. Palantir CEO Alex Karp said on CNBC that most things Anthropic talks about are running on Palantir, and that every enterprise they deal with is unhappy with Frontier Labs. A California judge denied Google and Meta's motions for a new trial in the youth social media addiction case. Russia threatened to 'attack' Canada, and there were reports of violent anti-immigration riots in Belfast. US inflation data showed CPI at 4.2% YoY in May, up from 3.8% in April, and gas prices jumped 41% over the past year. Gold fell below $4,200 for the first time since December on Iran strikes and CPI fears. The ECB is poised for a June rate hike amid persistent inflation pressures. Hedge funds are max short Fed-cut hopes. Morgan Stanley's Wilson expects stocks to rise into year-end.