WS #3888

The dominant signal from this 10-minute window is the intensification of the Iran conflict and its direct impact on energy markets, corroborated across multiple sources. The Wall Street Journal reports that President Trump is willing to end the war even if the Strait of Hormuz remains largely closed, a significant shift that could reduce immediate military escalation but prolong supply disruptions, keeping oil prices elevated. Concurrently, Iran has fired missiles across the Middle East, targeting Dubai and Saudi Arabia, with a Kuwaiti oil tanker attacked off Dubai, reinforcing supply risks. Oil prices have surged, with WTI crude futures above $100 and Brent exceeding $105, marking a 45% gain in March. The dollar is strengthening as a safe-haven asset, up 2.9% in March, while the yen weakens due to Japan's energy import exposure. Federal Reserve Chair Jerome Powell acknowledges monitoring inflation from energy spikes but indicates limited immediate action, potentially dampening rate hike expectations. In corporate news, Devon Energy is highlighted in analyst reports amid energy sector volatility, and SoftwareONE released its 2025 annual report, though with less market-wide impact. Other items, such as local news, job postings, and entertainment updates, are noise with minimal market implications.