WS #6392

The Iran war narrative remains dominant, with the Strait of Hormuz blockade continuing to disrupt oil supplies. The US has warned shipping firms against paying tolls to Iran, while OPEC+ is set for another symbolic output hike. Oil prices are near $105 WTI, with warnings of a tipping point in four weeks if the blockade persists. Exxon and Chevron reported earnings that fell sharply despite surging oil prices, with Exxon warning of a 750,000 bpd production hit if the strait remains closed. Spirit Airlines has collapsed and shut down operations after a White House bailout fell through, directly impacting travel and airline stocks. The yen surged on suspected intervention by Japanese authorities, with BOJ data hinting at over $30 billion in yen-buying. Apple CEO Tim Cook warned of an extended memory crunch, which could pressure margins and lead to price increases. Palestinian factions agreed to a ceasefire roadmap, offering a potential de-escalation signal in Gaza, though the broader Iran conflict remains unresolved. Trump announced a 25% tariff on European cars, escalating trade tensions.