WS #7629

The dominant narrative in this window is escalating geopolitical tensions in the Middle East, with multiple corroborating signals pointing to increased military activity and supply disruption risks. Pakistan has deployed 8,000 troops and fighter jets to Saudi Arabia under a mutual defense pact, while U.S. and Israel intensify military preparations for possible renewed strikes on Iran. A drone attack caused a fire near the UAE's Barakah nuclear plant, and Ukrainian drones struck a Moscow oil refinery, causing fires. Oil futures turned positive in volatile trade as supply disruption worries offset economic concerns. Separately, NextEra Energy announced a definitive agreement to combine with Dominion Energy, forming a power giant. Berkshire Hathaway's 13F showed increased holdings in tech/media and a return to aviation. Regeneron dropped after a skin cancer treatment failed a late-stage trial. Bitcoin slipped below $77,000, giving up May's gains. The UK plans to relax ringfencing banking rules, potentially freeing £80bn for lending. The US Treasury and Adani Enterprises settled alleged Iran sanctions violations for $275 million. The overall macro theme is ESCALATING geopolitical risk in the Middle East, with oil supply disruption fears intensifying.