WS #6086

The dominant narrative remains the Iran conflict, with oil prices surging (Brent +3.44% to $108.84, WTI +2.56% to $97.01) and diplomatic efforts stalled. However, a potential de-escalation signal emerges: Iran offers a Hormuz deal without nuclear talks, seeking broader buy-in, while US Secretary of State Rubio warns against Iranian control of the Strait. This counters the prevailing bearish thesis. Separately, Shell announces a $16.4 billion acquisition of Canada's ARC Resources, a significant energy M&A deal. Google faces internal revolt after adding AI models to the DoD portal, a high-significance geopolitical move that could weigh on GOOGL and AI sector sentiment. MACOM announced long-term supply agreements with IQE plc, a positive for MTSI. CrowdStrike upgraded by Mizuho to Outperform with $520 target. The White House shooting narrative continues but with no new market-moving details. Canada's Carney announces a $18 billion sovereign wealth fund, signaling a shift in Canadian economic policy.