WS #6113

The Iran-US conflict remains the dominant market theme, with the narrative arc ESCALATING. Oil prices surged again (WTI +2.09% to $96.37, Brent +2.82% to $108.23) as the Strait of Hormuz remains effectively closed. Multiple sources report that Iran has offered to reopen the Strait if the US lifts its blockade and ends the war, but the US has rejected this conditional proposal. The White House confirmed Trump met with his national security team to discuss Iran's latest proposal, but no breakthrough is apparent. Ukraine has intensified long-range strikes on Russian oil and gas infrastructure, adding further supply-side pressure. On the corporate front, NOV reported a Q1 EPS miss ($0.05 vs $0.15 estimate) citing $54M in revenue disruption from the Middle East conflict, while Polaris (PII) beat estimates and raised guidance. Nvidia (NVDA) hit a new all-time high above $5 trillion market cap, while Arm (ARM) snapped a seven-day winning streak on AI concerns. The S&P 500 and Nasdaq closed at record highs despite geopolitical tensions, indicating a 'risk-on' sentiment that may be fragile. The Bank of Japan is expected to hold rates at 0.75% at its meeting Tuesday.