WS #9606

The dominant narrative remains the US-Iran situation, which is STABLE with mixed signals. The NYT reports 'Oil falls, stocks rise as Trump signals Iran peace deal takes shape,' corroborating the prior frame of diplomatic progress. However, a Bloomberg headline warns 'Iran’s oil lifeline faces biggest test yet as China steps back,' adding a bearish counterpoint for oil. Separately, Ukraine confirms a strike on a major Russian oil refinery in the south, and the TANECO refinery in Nizhnekamsk was also struck overnight, potentially impacting crude supply and energy markets. The SpaceX IPO is confirmed as the largest in history, raising $75B at a $1.75T valuation, with trading set for Friday. Japan's government passed a bill to cut crypto taxes from 55% to 20%, a bullish signal for crypto markets. The SEC's proposal to scrap key NMS rules (carried forward from prior awareness) remains a positive for tokenized stocks. Overall, the US-Iran narrative is stable but with new bearish oil supply headlines from Ukraine strikes and China stepping back from Iranian oil.