WS #6999

The US-Iran conflict remains the dominant market narrative, with no de-escalation signals in this window. Trump rejected Iran's latest peace proposal as 'totally unacceptable,' and Netanyahu stated the war is 'not over.' Oil prices surged ~3% on the rejection, with WTI at $98.35 and Brent at $104.47. A US Senator revealed that US munitions stockpiles are severely depleted, warning it would take years to rebuild. Shell and Saudi Aramco reported record profits amid the crisis. The Strait of Hormuz disruption continues, with Polymarket showing active trading on Iran-related markets. Separately, a tragic incident of 6 bodies found in a Union Pacific train in Laredo, Texas, is a local news item with no market impact. The narrative is ESCALATING with no counter-signals.