WS #7054

The dominant signal in this window is the further escalation of the Iran crisis. Trump has declared the ceasefire on 'life support' after rejecting Iran's latest proposal, calling it 'garbage'. This is corroborated by multiple sources (BBC, Guardian, Al Jazeera, Bloomberg, and multiple Bluesky posts). The Strait of Hormuz remains shut, with Saudi Aramco warning that global oil markets are losing 100 million barrels every week. OPEC output has fallen to its lowest since 2000. Oil prices are surging. Counter-signals include the US SPR release and Trump's plan to temporarily reduce beef tariffs to lower food prices. Separately, activist investor Palliser has built a stake in Intertek, which is an EQT takeover target. In company-specific news, a $4.1M whale bought TSLA calls, and Monday.com jumped on earnings. The Iran narrative is ESCALATING.