WS #7076

The U.S.-Iran conflict remains the dominant market driver, with oil prices elevated and the Strait of Hormuz effectively closed. A key new development is the WSJ report, corroborated by multiple sources, that the UAE has been secretly carrying out attacks on Iran, including a strike on Lavan Island's refinery in April. This represents a significant escalation and expansion of the conflict. Trump has rejected Iran's latest peace offer, prolonging the crisis. On the energy front, the US SPR awarded 53.3 million barrels to companies including Trafigura and Marathon Petroleum to help tame surging prices. Brent crude is 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. 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. The Trump-Xi summit in Beijing (May 13-15) is a key event to watch, with China seeking help to reopen Hormuz and avoid tariff escalation.