WS #6876

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 on a peace plan. This is corroborated by a UK decision to pre-position HMS Dragon for Strait of Hormuz operations, and a separate report that the UK is refusing to join a US blockade, with oil projected past $115. The narrative is clearly escalating from the previous stalemate. Separately, a major IPO week is upcoming (May 13-15) featuring Cerebras ($CBRS), Fervo Energy ($FRVO), and others, which could drive sector rotation. The Swiss central bank bitcoin reserve initiative has failed, removing a potential bullish catalyst for BTC. Healthcare earnings continue strong, but this is a stale theme. The TotalEnergies Antwerp refinery strike suspension is a minor counter-signal to European energy supply fears.