WS #6302

The dominant narrative in this window is the escalation of the US-Iran conflict, with multiple sources confirming that the US military has requested deployment of untested Dark Eagle hypersonic missiles against Iran, and that Iran is accelerating efforts to dig out hidden missiles during the ceasefire. This has driven Brent crude to $126/bbl intraday, the highest since 2022, before settling near $116. The Strait of Hormuz blockade remains indefinite per Trump, and the UAE's exit from OPEC+ adds further supply uncertainty. On the corporate front, Apple reported a beat on revenue and EPS, driven by strong iPhone 17 demand and Services growth, but iPhone revenue slightly missed expectations. Meta's stock plunged 8.6% after hours on elevated capex guidance of $145B for 2026, while Alphabet surged 10% on strong cloud results. The DHS shutdown ended as Congress passed funding, removing a tail risk. The eurozone teeters on stagflation with Q1 growth at 0.1% and rising inflation. Overall, the window shows a market caught between bullish tech earnings and persistent geopolitical risk from US-Iran tensions and Ukraine-Russia energy strikes.