WS #6781

The dominant narrative remains the escalating US-Iran conflict, with new developments in the last 30 minutes: Iran has seized an oil tanker (Ocean Koi) and Ukraine struck a major Russian refinery, both escalating geopolitical risk. Oil prices are rising, and a Polymarket contract on WTI hitting $110 this week is active. A US trade court has ruled against Trump's 10% global tariff policy, a major legal setback that could impact trade-dependent sectors. On the corporate side, several earnings reports are notable: Fluor (FLR) missed Q1 estimates significantly, while Johnson Outdoors (JOUT) beat. Docebo (DCBO) met estimates and affirmed guidance. The US-Iran situation is ESCALATING, with the Strait of Hormuz blockade and oil tanker seizure adding to supply concerns. The trade court ruling is a counter-signal to the protectionist trade narrative, potentially benefiting importers and pressuring domestic producers. The Ukraine refinery strike adds to energy supply disruption risks.