WS #14201

The dominant US-Iran/Hormuz narrative remains in a stable escalation phase with no new data points, but a notable development has emerged: Iran and Oman have reportedly agreed on a shipping route map for the Strait of Hormuz, pending approval by Iran's Supreme National Security Council. This is a potential de-escalation signal that could ease oil supply concerns, though it is not yet confirmed and the 60-day negotiation deadline expires Monday with little progress. Separately, the US has pulled its last aircraft carrier from the Asia-Pacific, signaling a strategic focus on Iran and the Western Hemisphere, which could have geopolitical implications but limited direct market impact. In corporate news, Nvidia is in talks to invest $3 billion in SB Energy, a SoftBank-backed data center company, which is bullish for Nvidia's AI infrastructure expansion. Also, Microsoft's Azure annual revenue topped $100 billion for the first time, driving an 18% stock jump in a week, reinforcing the strength of the cloud/AI trade. The memory chip shortage (RAMageddon) continues to pressure consumer electronics prices, with Apple testing Chinese memory chips from CXMT and YMTC, which could face US government opposition. Overall, the market narrative is mixed: oil supply risks persist but a potential Iran-Oman agreement could counter that, while tech fundamentals remain strong.