WS #6505

The Iran-UAE conflict has escalated dramatically, with Iran launching missile and drone strikes on the UAE's Fujairah oil terminal, causing a large fire. The US military destroyed six Iranian boats in the Strait of Hormuz. Trump issued a 24-hour ultimatum and warned of military consequences. Oil prices surged to $114/barrel. Separately, Putin announced a temporary ceasefire in Ukraine for May 8-9, but also threatened massive retaliation if disrupted. ECB's Nagel signaled a potential June rate hike if inflation doesn't improve. Bitcoin broke $80,000 on CLARITY Act progress. Amazon's logistics expansion is pressuring transportation stocks. Spirit Airlines shut down due to high fuel costs. The Iran situation is escalating, while the Ukraine ceasefire is a new development that could de-escalate tensions temporarily.