WS #4397

The data dump reveals a critical escalation in the Middle East conflict with direct market-moving implications. Iran has rejected a temporary ceasefire and submitted a 'maximalist' peace plan response to the US, with Trump stating the proposal is 'not enough, not good' and reiterating threats, maintaining geopolitical uncertainty. This follows reports that Iran's Supreme Leader Mojtaba Khamenei declared 'assassinations and crimes won't disrupt the Iranian Armed Forces,' signaling resilience. Concurrently, Ukrainian drone strikes continue targeting Russian oil infrastructure in the Black Sea, specifically the main port for oil exports, further tightening global supply. These developments amplify supply-side pressures on energy markets, with oil prices reflecting tension—WTI trading above Brent for the first time in years, exceeding $112/barrel due to regional supply fears. In corporate developments, Applied Optoelectronics (AAOI) surged on an upsized 800G hyperscale data-center order, indicating strong demand in optics. Meanwhile, the US services sector showed unexpected slowing in March with the ISM index dropping to 54.0, while prices paid surged to 70.7, the highest since October 2022, signaling inflationary pressures from the conflict. Bitcoin faces profit-taking pressure below $70,000 as the Iran war creates market nerves, though it rallied above $69,000 in this window.