WS #12293

The dominant narrative remains the escalating US-Iran conflict, with Iranian forces claiming missile and drone strikes on US targets in Gulf states, corroborated by Al Jazeera and NPR. Oil prices are surging (WTI +4.19%, Brent +4.10%) amid Strait of Hormuz risks, and the IEA warns of energy security threats. This is the primary market-moving signal, driving energy stocks higher and risk assets lower. Separately, Apple has regained the top spot as the world's most valuable company, surpassing Nvidia, and is in early settlement talks with the DOJ over its 2024 antitrust case, which could reshape the iPhone ecosystem. Meta is in early talks to lease up to $10 billion in computing power to Anthropic, signaling strong AI infrastructure demand. The FAA will allow Boeing to resume ticketing for all 737 Max and 787 airplanes, a positive for BA. The US oil rig count rose more than expected. The overall narrative arc is ESCALATING for the US-Iran conflict, while the tech selloff narrative is STABLE but with diverging MAG7 signals (Apple bullish, Meta neutral).