WS #6421

The dominant narrative in this window is the escalating US-Iran conflict, with multiple sources corroborating that Trump has rejected Iran's 14-point peace proposal, threatening renewed strikes. Iran's deputy foreign minister stated the 'ball is in the US court,' ready for either diplomacy or war, while a senior Iranian military official said renewed war is 'likely.' This marks a significant escalation from the previous stable ceasefire frame. The Strait of Hormuz remains effectively closed, with MSC Mediterranean Shipping announcing an overland trucking route to bypass it, and the US warning shipping firms against paying Iran for passage. Kuwait recorded zero crude exports in April for the first time in 30 years, and seven OPEC+ countries agreed to raise quotas by 188,000 bpd in June, partially offsetting supply fears. The UAE lifted all air traffic restrictions, a minor de-escalation signal. Separately, Spirit Airlines shut down operations, citing crushing fuel prices, with the US Transportation Secretary blaming the company's mismanagement rather than the Iran war. Apple appointed hardware chief John Ternus as CEO, a significant leadership change. Bitcoin logged its best monthly performance in 12 months, up 11.87% in April, but remains 38% below its all-time high.