WS #6259
The dominant narrative remains the escalating Iran conflict, with oil prices surging above $120/bbl as Trump signals a prolonged Strait of Hormuz blockade. The UAE announced its exit from OPEC, citing national interests, which could add supply but is unlikely to offset near-term tightness. The yen breached 160 to the dollar, hitting a 21-month low, as safe-haven demand for USD intensifies. Big Tech earnings continue to dominate after-hours: Microsoft beat estimates but the stock reaction is muted due to ongoing software fears; AMD is up 9% after hours on positive sentiment. Anthropic is reportedly raising $50B at a $900B valuation, signaling continued AI investment frenzy. The Iran conflict narrative is ESCALATING with no de-escalation signals, but the US proposal for a new coalition to restore Hormuz traffic represents a potential counter-signal to the blockade-driven oil supply crisis.
Key developments
- Oil surges above $120/bbl as Trump signals prolonged Strait of Hormuz blockade
- UAE announces exit from OPEC, citing national interests
- Yen breaches 160 to dollar, touching lowest level in 21 months
- Microsoft beats Q3 estimates but stock muted on software fears
- AMD up 9% after hours on positive sentiment
- Anthropic raising $50B at $900B valuation