WS #7075

The dominant narrative remains the escalating U.S.-Iran conflict with oil price surge, now escalating further. Key new developments include a WSJ report that the UAE has been secretly carrying out attacks on Iran, including a strike on Lavan Island's refinery in April, corroborated by multiple sources. This represents a significant escalation and expansion of the conflict. Additionally, Trump has complained to the acting attorney general about media leaks related to the Iran war, prompting a DOJ investigation. On the energy front, a Reuters survey shows OPEC oil output at a 26-year low amid the Iran war, with Brent crude at $104.2 (+2.88%) and Murban at $103.6 (+4.84%). Gold is steady as traders track the Hormuz stalemate and inflation risks. In corporate news, On Holding (ONON) beat Q1 expectations and raised its full-year profitability outlook, while CleanSpark (CLSK) missed Q1 estimates significantly. Marathon Digital (MARA) beat EPS estimates but missed on revenue. A large dark pool trade of 1.04M AAPL shares ($305.2M) was detected. The U.S.-Iran conflict is clearly escalating with the UAE involvement, and oil supply constraints are intensifying.