WS #7033

The dominant narrative remains the US-Iran conflict, which is ESCALATING. Key developments in this window include: Trump claims Iranian negotiators told him the US must retrieve nuclear material from destroyed facilities, suggesting Iran lacks the technology to do so itself. Aramco estimates a 100 million-barrel oil loss each week the Strait of Hormuz is shut. The UAE condemned an attack on a South Korean cargo ship, calling it a serious threat to global navigation. India is considering emergency steps to shore up forex reserves, including curbing gold and electronics imports and hiking fuel prices. Modi urged Indians to halt gold purchases for a year to shield forex reserves. The White House confirmed Trump will travel to China on Wednesday. Separately, the suspect in the White House Correspondents' Dinner shooting pleaded not guilty. In corporate news, Alphabet plans to issue yen-denominated bonds for AI infrastructure spending, and Ripple raised $200M from Neuberger Berman. A massive bearish options flow was detected in Nike (NKE) with a $983K whale buying 42 puts expiring June 5. The hantavirus outbreak continues with a US patient isolated in Nebraska, but sequencing shows the virus is 99% identical to a 2018 Argentine case, suggesting low mutation risk.