WS #6724

The dominant signal in this window is the escalating Iran-Strait of Hormuz crisis, with multiple new developments: Iran has imposed new transit requirements for ships in the Strait, demands compensation for reopening, and a confidential CIA assessment indicates Iran can withstand a blockade for 90-120 days. Oil market liquidity is drying up as traders sit out volatility. Separately, Planet Fitness stock plunged 30% after slashing guidance and canceling price hikes, while Shake Shack cratered 30% on an operating loss. Arm's stock fell on supply chain warnings despite strong AI demand. The Russia-Ukraine conflict shows a new signal: Russia's Victory Day parade will feature no tanks for the first time in nearly 20 years, corroborated by BBC and multiple sources, indicating war setbacks. The DOJ is investigating $2.6 billion in oil trades placed before major Iran war announcements. Mortgage rates jumped to 6.37%. Google Cloud's backlog hit $462B, reshaping the cloud competitive landscape. The narrative is ESCALATING on Iran/Strait of Hormuz, with new demands and assessments adding to the crisis.