WS #7017

The US-Iran conflict narrative is ESCALATING, with Iran threatening a 'massive strike' on US bases and Trump rejecting Tehran's peace proposal as 'totally unacceptable.' Brent crude rose 2.69% to $104.01, and a Bloomberg report notes an 'uneasy equilibrium.' However, a counter-signal emerged: Iran's foreign ministry spokesperson Baghaei stated Tehran is 'serious' about peace talks, and Trump is scheduled to meet Xi Jinping in Beijing on May 13 to potentially leverage a peace deal. This diplomatic opening could de-escalate tensions. Separately, China's April crude imports dropped 20% y/y, potentially easing oil demand pressure. In company news, Tesla exported 53,522 China-built cars in April, and Alvotech (ALVO) completed an FDA inspection with no substantial issues, keeping BLA resubmissions on track. The hantavirus outbreak on a cruise ship is a health story with limited market impact.