WS #5775

Iran tensions continue to escalate with multiple developments: Iranian air defenses activated after drone sightings, a staged video of Iranian forces seizing ships, and the USS George H.W. Bush aircraft carrier entering CENTCOM area. The dollar jumped to a 10-day high as US-Iran tensions intensify. Oil prices surged, with Brent crude at $104.9 (+2.92%) and WTI at $95.73 (+2.98%). Phillips 66 is the first to take advantage of a Jones Act waiver for US crude, which could benefit refiners. Meanwhile, Honeywell reported disappointing Q1 results with revenue miss, but the breakup plan (sale of Workflow Solutions, spin-off of Aerospace) provides a positive catalyst. United Rentals crushed Q1 estimates with EPS beat and strong rental revenue growth. Meta's 10% layoff plan is confirmed, which could pressure tech sentiment but signal cost discipline. Xbox announced a reevaluation of exclusivity, which could impact Microsoft's gaming strategy. Freeport shares slid on Indonesian mine restart delay. The Mall of Louisiana active shooter incident is a tragic local event but unlikely to have broad market impact.