WS #7625

The dominant theme remains the escalation of US-Iran negotiations, with multiple Reuters-sourced breaking updates confirming Iran's maximalist demands: a permanent end to war, lifting of sanctions, and reopening of the Strait of Hormuz, while the US has only agreed to unfreeze 25% of Iran's funds on a phased timetable. This represents a hardening of Iran's position, dampening hopes for a quick de-escalation and keeping oil prices elevated. The IEA chief warned oil stocks are running low, with only weeks left, adding to supply concerns. Separately, Iran has launched a Bitcoin-backed insurance service for shipping companies transiting the Strait of Hormuz, an unusual development that could impact crypto markets and shipping costs. In company-specific news, Hims & Hers (HIMS) dropped 8% on a $300M convertible notes offering, and Strategy (MSTR) bought 24,869 Bitcoin for $2.01 billion, now holding 843,738 BTC. The US-Iran narrative is ESCALATING as Iran's demands become more maximalist and oil supply risks intensify.