WS #11747

The US-Iran conflict remains the dominant macro theme, with the ceasefire effectively dead. US military strikes on Iranian oil infrastructure continue for a third day, hitting Chabahar, Bushehr, and Ahvaz. Iran retaliated with missile and drone attacks on US military facilities in Gulf states, though US officials report no significant damage. Oil prices initially spiked but have pulled back, with Brent crude down ~2.4% to $76.15 and WTI at $72.00, as diplomatic efforts by Qatar and Pakistan to mediate de-escalation emerge. Iran fast-tracked 11 million barrels of oil out of the country in the past 24 hours, signaling a rush to export before potential blockade. The narrative remains ESCALATING, but the oil price pullback suggests markets are pricing in some hope of de-escalation. Separately, the Fed announced the leadership of five monetary policy task forces, including prominent names like Marc Andreessen, Mervyn King, and Greg Mankiw, signaling a potential shift in policy framework. In corporate news, Volkswagen's works council rejected plant closures and set an ultimatum for the CEO, adding uncertainty to VWAGY. OpenAI released ChatGPT 5.6 after a delay over White House cybersecurity concerns. Dark pool alerts show large institutional buying in SPY ($188.75M and $101.94M), DIS ($105.78M), and TD ($148.39M). The macro picture is dominated by Middle East tensions, but tech stocks are rallying on AI optimism, with the S&P 500 up 0.8%.