WS #6806

The US-Iran conflict in the Strait of Hormuz remains the dominant macro theme, with the US awaiting Iran's response to a ceasefire proposal (Guardian, Rubio). The situation is ESCALATING, with US CENTCOM confirming strikes on two empty Iranian oil tankers (SmartNews, Bluesky). Oil prices remain elevated (WTI ~$95.71, Brent ~$101.6), and Polymarket shows bets on WTI hitting $140 in May. Japanese companies are securing credit lines at a record pace and Japan is buying 20M barrels of UAE oil to bypass the blockade (Nikkei). Separately, Jane Street reported record $16.1B Q1 trading revenue (Bloomberg, Bluesky), signaling strong institutional activity. Micron (MU) is up 13% with chatter about reaching $1T market cap, supported by SA analyst upgrades citing AI-driven memory supercycle. Cloudflare (NET) reported strong Q1 with 34% revenue growth, but vol crush noted as excessive. Block (SQ) posted blowout Q1 on Cash App strength with raised outlook. Ginkgo Bioworks (DNA) slumped 14% after projecting FY26 cash burn of $125M-$150M. Rackspace Technology (RXT) surged on AMD partnership and Q1 sales beat. UK local elections show Reform UK gains, with Sky News projecting a hung parliament with Reform as largest party; Welsh Labour First Minister lost her seat (historic first). The Virginia Supreme Court struck down a redistricting referendum (Substack). The Pentagon released first batch of declassified UFO files (Guardian).