WS #7079

The dominant narrative remains the U.S.-Iran conflict and Strait of Hormuz closure, with oil prices elevated (WTI +2.78% on the day). However, a significant new development is the confirmed report that the UAE secretly carried out strikes on Iran, including on an oil refinery, corroborated by multiple sources (europesays.com, timesofisrael.com). This represents an escalation of the conflict, as a regional U.S. ally is now directly involved in military action against Iran. Separately, President Trump has invited a high-profile delegation of CEOs (including Elon Musk, Tim Cook, Larry Fink) to join his China trip for a summit with Xi Jinping, where trade, AI, export controls, and the Iran war are expected to be discussed. Notably, Nvidia CEO Jensen Huang was not invited, a potential negative signal for NVDA. The China trip and the UAE strikes are the two key developments in this window. The previous narrative of 'no new developments' is now superseded by these escalatory and diplomatic moves.