WS #6082

The dominant narrative remains the Iran conflict and its impact on oil markets, with Brent crude near $108/barrel and Strait of Hormuz shipping traffic near zero. The IEA has declared the Middle East war causes the biggest energy crisis in history, and Morgan Stanley warns the Strait closure could reshape the global energy map. Oil futures extended gains, with US crude up $3/barrel to a two-week high as Iran talks stall. Japan's JERA has secured LNG supply through July but will adjust procurement strategy amid the crisis. In tech, Microsoft will stop sharing revenue with OpenAI, a major shift in their partnership that could impact both companies' AI strategies. Data center demand is driving a 66% surge in natural gas power plant costs, affecting tech companies like Microsoft and Meta. Intel received a price target upgrade from Barclays to $65. NIO expanded its partnership with Onsemi for 900V EV platforms. GameStop is sitting on $9B cash with shareholders asking when it will be deployed. Verizon CEO claims turnaround is underway after Q1 results. Other items are noise: earnings previews, analyst rating changes, and non-market news.