WS #7567

The dominant signal in this window is the escalating US-Iran crisis, with Trump issuing a direct ultimatum ('the clock is ticking') and warning of harder strikes, corroborated by multiple sources (Axios, Bluesky posts). This is compounded by Ukraine's largest drone attack on Moscow, targeting oil refineries and a microchip plant, adding to global energy supply fears. The Strait of Hormuz disruption continues to drive oil price risk, with analysts warning of $130-$140/barrel. The Iran energy crisis is entering a new phase as summer approaches, with emergency measures spreading as oil stockpiles run low. Credit markets are reportedly shrugging off geopolitical turbulence, but bond supply is surging and TLT ETF outflows have jumped amid warnings on US bond yields. The Clarity Act for crypto regulation is advancing, which could provide regulatory clarity for the crypto industry. Apple's revamped Siri with auto-deleting chats is a minor positive for AAPL on privacy differentiation. Overall, the narrative is one of ESCALATING geopolitical risk with direct implications for energy prices and inflation expectations.