WS #7044

The US-Iran ceasefire narrative continues to ESCALATE, with Trump stating the truce is on 'massive life support' after rejecting Tehran's counterproposal as 'unacceptable'. Trump vowed 'complete victory' over Iran and claimed Iran discussed nuclear site destruction. Iran denies the proposal contained excessive demands. Oil prices remain elevated with Brent above $103 and WTI near $97. Trump announced plans to temporarily suspend the federal gasoline tax and reduce beef import tariffs, which may partially offset consumer inflation pain but do not resolve the core oil supply crisis. Saudi Aramco warned fuel stocks heading for critically low levels due to Hormuz closure. Panama Canal oil shipments soared 70% as Asian buyers turn to US crude. In MAG7 carve-out signals, Microsoft CEO Satya Nadella testified in the Musk v. Altman trial, which could impact MSFT's OpenAI partnership narrative. GM announced cutting up to 600 IT jobs, a cost-cutting move. A $102M dark pool trade in VCIT and a $1.04M whale bet on APLD calls suggest institutional positioning. Brookfield invested $500M in OpenAI's enterprise deployment platform, signaling continued institutional AI investment. Trump also said he will discuss US arms sales to Taiwan with Xi Jinping, adding geopolitical risk.