WS #11350

The dominant theme in this window is the escalating Strait of Hormuz crisis, with multiple high-significance developments. Iran is preparing a dayslong funeral for Supreme Leader Khamenei, killed in the war, while simultaneously leveraging its control of the Strait to demand tolls from passing ships. In a counter-signal, France, the UK, and Oman have agreed to restore safe transit through the Strait, with the UK and France ready to deploy a multinational military mission to protect freedom of navigation. This directly counters the bearish oil supply disruption thesis. Separately, the US Supreme Court struck down Trump's global tariffs under IEEPA, a major ruling that removes a key source of market uncertainty and is bullish for trade-sensitive sectors. Tesla faces renewed legal and reputational risk as a driver was charged with manslaughter after a fatal crash allegedly involving Autopilot/FSD, with the incident receiving widespread media coverage. Bitcoin saw a relief rally on ETF flow rebound, with spot BTC near $62k after US ETFs reportedly bought $221.7m, ending a 10-day sell streak. The prevailing macro narrative is shifting: the Hormuz crisis is de-escalating due to the UK/France/Oman intervention, while the tariff uncertainty is resolved by the Supreme Court ruling.