WS #6473

The dominant narrative is a potential de-escalation in the Iran conflict, with multiple high-signal developments converging. Trump announced 'Project Freedom' to guide neutral ships through the Strait of Hormuz starting Monday, and oil prices dipped on the news. Iran is reviewing a US response to its 14-point peace plan, and OPEC+ agreed to a modest production increase of 188,000 bpd. However, Israeli officials stated resuming military operations against Iran is inevitable, and the US military is deploying 15,000 service members for the Hormuz escort mission, indicating the situation remains fluid. Separately, GameStop made a $56 billion offer to acquire eBay, a major M&A signal. Spirit Airlines ceased operations, becoming the first major casualty of the Iran war, with fuel costs cited as a key factor. Apple reported record iPhone 17 sales but warned of chip shortages, while Alphabet beat earnings expectations on strong cloud growth.