WS #7164

The dominant narrative remains the escalating Iran/Strait of Hormuz crisis, with the US releasing 53 million barrels from the Strategic Petroleum Reserve to counter elevated energy prices. This is a counter-signal to the oil supply squeeze, dampening the bullish energy thesis. Separately, Nvidia CEO Jensen Huang has joined Trump's China trip, confirmed by multiple sources including White House announcement and visual confirmation of boarding Air Force One. This is a high-significance MAG7 carve-out, as it puts AI chip export policy and H20 ban on the negotiating table, bullish for NVDA. Wheat futures hit daily limit limits after USDA projects 2024 harvest at lowest since 1972. The overall narrative is ESCALATING in the Middle East conflict, with a counter-signal from SPR release, while the US-China summit gains a positive NVDA catalyst.