WS #7371

The dominant signal in this window is the escalation of US-Iran tensions, with multiple Trump Fox News interview excerpts indicating impatience with Iran and a potential military dimension. Trump stated he 'won't wait much longer' on Iran, that US action aims to help Israel and Gulf allies, and that Iran's enriched uranium is more for PR than anything else. This is corroborated by a separate report that Iran maintains control over the Strait of Hormuz and charges $2M per oil tanker in Chinese currency. The geopolitical risk is driving oil prices: Brent rose 1.3% to $107.13, and S&P 500 futures slipped 0.3% while European futures fell more sharply (Eurostoxx 50 -0.9%, DAX -1.1%). Separately, Trump confirmed China wants to buy US oil and farm products, which is a positive for US energy and agriculture but is being overshadowed by the Iran conflict. The Adani Group saw a breakout on easing US legal overhang (SEC settlement $18M, DOJ may drop charges), with ADANIENT +7.19%. The Crypto Clarity Act passed a key Senate vote, boosting Bitcoin and other cryptocurrencies. The Yen's week-long slide has traders on intervention watch. The prevailing macro narrative is ESCALATING on US-Iran tensions, which is a bearish counter-signal to the prior trade optimism.