WS #7135

The data window shows a continuation of the prevailing geopolitical and macro themes with no major new developments. Oil prices remain elevated (WTI ~$102.5, Brent ~$108) due to ongoing Iran-Saudi tensions and Strait of Hormuz risks, but no new escalation is reported. The federal appeals court temporarily paused the ruling against Trump's tariffs, allowing continued collection—this is a modest positive for domestic producers but does not change the overall trade uncertainty. The FDA commissioner change (Makary out) is a political story with limited direct market impact. The bulk of the data is noise: routine SEC filings, sports betting, and generic commentary. The dominant narrative is STABLE: oil supply risk persists, inflation data is sticky, and the Trump-Xi summit is approaching without new details. No counter-signals or de-escalation events are detected.