WS #6994

The dominant signal in this window is the escalation of US-Iran tensions, with multiple corroborating sources reporting that President Trump has rejected Iran's latest peace offer, prolonging the Strait of Hormuz closure. This has driven oil prices higher (WTI +2.66%, Brent +2.62%) and gold lower on inflation fears. UK and France are planning a multinational mission to escort ships through Hormuz, but the market prices only an 18% chance of warships transiting by May 31. Separately, Cerebras Systems is boosting its IPO price to as high as $160, a positive signal for AI/semiconductor IPOs. The hantavirus cruise ship outbreak is a developing health story but has limited direct market impact. The US-Iran narrative is ESCALATING, with no counter-signals in this window.