WS #11874

The dominant theme remains the escalating US-Iran crisis, with the US issuing a deadline to Iran to publicly declare the Strait of Hormuz fully open and toll-free, or face consequences. Talks are ongoing in Oman, with Iran's FM Araghchi meeting Omani officials. A potential compromise involving a 'median lane' in international waters is being discussed, with Qatar and Oman mediating. This represents a potential de-escalation counter-signal. Separately, Apple has filed a high-profile trade secret lawsuit against OpenAI, alleging systematic theft of confidential information by former employees, including hardware chief Tang Tan. This could impact OpenAI's IPO prospects and Apple's partnership. The SK Hynix US IPO was a record success, but analysts warn of a potential retreat. Oil prices remain elevated due to the Hormuz crisis, with US gasoline prices rising 6 cents this week.