WS #6874

The dominant signal in this window is the escalating US-Iran conflict, with multiple sources reporting US strikes on Iranian oil tankers while awaiting Tehran's response to a peace plan. The UK has deployed a destroyer to the Middle East and refused to join a US blockade of the Strait of Hormuz, indicating allied fractures. Oil prices are elevated (Brent ~$101, WTI ~$95) and the Strait of Hormuz transit is disrupted. Separately, Intel (INTC) surged over 14% on a report that it will make chips for Apple (AAPL), corroborated by unusual call volume days before the announcement. This is a high-significance MAG7 carve-out: AAPL's chip supply chain shift benefits INTC at the expense of TSMC. The Iran situation is ESCALATING, with ceasefire fragile and US strikes ongoing. The INTC-AAPL deal is a new positive catalyst for INTC.