WS #7205

The dominant macro narrative remains the Iran oil crisis and its second-order effects, with significant escalation signals in the last 30 minutes. Multiple sources (Reuters, Alpaca, Bluesky) report that Saudi and Kuwaiti fighter jets struck Iran-backed militia targets in Iraq, and Iran's foreign minister accused Kuwait of unlawfully attacking an Iranian boat and detaining four citizens in the Persian Gulf. Separately, a UAE-owned tanker is leaking fuel off Oman following an Iranian strike. These developments point to a widening regional conflict, directly threatening oil supply routes through the Strait of Hormuz. The Iran war narrative is ESCALATING, with no counter-signals such as diplomatic de-escalation or strategic reserve releases in this window. Oil price spike scenarios are being priced in Polymarket, with bets on WTI hitting $110-$120 in May. The Senate again blocked a resolution to limit Trump's war powers, reinforcing the status quo. On the corporate front, Wolfspeed (WOLF) surged 24% after Citrini named it a top AI pick post-restructuring, and D-Wave Quantum (QBTS) reported 16x bookings growth to $32M. Cerebras (CBRS) IPO prices tonight, positioning as an 'NVDA killer' with a Nasdaq listing tomorrow. Rivian spinoff Mind Robotics raised another $400M at a $3B+ valuation. Fed's Collins noted key economic indicators are volatile, and PPI came in hot but markets shrugged it off. The UK political scene saw Starmer vowing to fight a leadership challenge, and Nigel Farage faces a probe over an undeclared £5M crypto donation.