WS #7151

The dominant narrative remains the Strait of Hormuz crisis and elevated oil prices, with no new escalation or de-escalation signals in this window. However, several notable developments emerged: (1) The UAE reportedly carried out a joint attack on Iran alongside Israel, marking the first time an Arab country has directly struck another Muslim nation alongside Israel—this could further destabilize the region and sustain oil price premiums. (2) US inflation rose at the fastest rate since May 2023, pressuring Asian stocks and contributing to a hot CPI print, which may reinforce hawkish Fed expectations. (3) AI chipmaker Cerebras is guiding its IPO pricing above the range, signaling strong demand in the AI semiconductor space. (4) JPMorgan filed to launch a new tokenized fund, indicating continued Wall Street interest in blockchain-based assets. (5) API reported a larger-than-expected crude inventory draw of 2.188 million barrels, supporting oil prices. (6) Kevin Warsh was confirmed to the Fed's Board of Governors, which could influence monetary policy direction. (7) Intel fell 6.82% on hot CPI, while MongoDB jumped 4.78% on AI agent push. (8) OpenAI's Sam Altman testified in the Musk trial, denying claims of betraying OpenAI's vision. (9) UK political turmoil continues with Starmer facing resignations and calls to step down. (10) China is widening oil purchases from the US to extend influence amid Iran tensions, ahead of Trump's Beijing visit. The Strait of Hormuz crisis remains the key macro driver, with oil prices holding gains. The UAE-Israel joint attack on Iran is a significant escalation that could further disrupt oil flows and increase geopolitical risk premiums.