WS #6102

The Iran-US conflict remains the dominant market theme, with no progress toward a diplomatic resolution. Iran's Parliament stated it has no intention of nuclear negotiations, while the White House confirmed Trump discussed a new Iran proposal but Secretary Rubio signaled the offer is insufficient, as it would leave Iran with leverage. The Strait of Hormuz remains effectively closed, driving Brent crude above $108/bbl and WTI near $97/bbl. European markets fell (FTSE 100 -0.6%, DAX -0.14%, CAC 40 -0.19%) on the impasse, while US stocks held near records ahead of a heavy earnings week. Oil price surge is creating second-order effects: US consumer sentiment hit a record low of 49.8 in April, with rising gasoline prices blamed on the Iran war. Nutrien was upgraded to Buy at Barclays on continued nitrogen strength from the Iran war, benefiting fertilizer stocks. Separately, Microsoft and OpenAI amended their deal, giving OpenAI more flexibility to work with rivals, which could affect cloud competition dynamics. The EU is pushing Google to open Android to rival AI services, which could impact Google's competitive position. Nvidia returned to all-time highs, with analysts noting potential for further gains. Tesla plans to boost investments in AI, robotics, and chips to over $25 billion this year. The White House Correspondents' Dinner shooting suspect has been charged with attempted assassination of President Trump, but this is a security/political story with limited direct market impact beyond potential volatility in defense and security-related names.