WS #7210

The dominant macro narrative remains the Iran oil crisis, which is ESCALATING. Multiple high-signal items confirm this: US intelligence shows Iran has regained access to 30 of 33 Strait of Hormuz missile sites and ~70% of prewar missile stockpile, indicating military resilience despite US strikes. Iran's Parliament confirms no nuclear negotiations with the US, and Gulf Interior Ministers held an emergency meeting in Riyadh. The Senate again rejected an Iran War Powers Resolution (49-50), maintaining the status quo. Kashkari explicitly linked Strait of Hormuz closure to inflation, and 30-year Treasury yields hit 5% for the first time since 2007, a direct consequence of energy-driven inflation. Fervo Energy surged 33% in its Nasdaq debut, signaling strong demand for energy/AI infrastructure plays. On the corporate front, Apple is exploring ways to welcome AI agents in the App Store, a positive signal for AAPL's AI strategy. Plug Power gained after earnings beat, with analysts raising targets. The CLARITY Act crypto legislation is 'closer than ever' per Coinbase CEO, a potential catalyst for crypto markets. Hot CPI and PPI reports continue to fuel inflation fears, supporting the higher-for-longer rate narrative. The dominant theme is ESCALATING, with no genuine counter-signals to the Iran oil crisis.