WS #7805

The dominant narrative in this window is a sharp de-escalation in US-Iran tensions, with President Trump stating talks are in the 'final stages' and oil prices falling over 5% as a result. WTI crude dropped below $100/bbl, and Brent fell to ~$105.64. This is corroborated by multiple sources (CNBC, Seeking Alpha, Alpaca, Polymarket, and various social media posts). The oil price drop is driving a broad market rally: major indices are higher, airline stocks are up, and Treasury yields are sliding. However, Trump also made hawkish comments ('may have to hit Iran even harder'), creating a mixed signal. Separately, OpenAI is preparing to file for an IPO as early as Friday, per WSJ, which is a high-significance development for AI and tech sectors. Meta is cutting ~8,000 jobs (10% of headcount) while moving staff into AI, confirming ongoing restructuring. Nvidia earnings after the bell remain the key event, with options pricing in a big move. The Iran de-escalation narrative is ESCALATING in terms of market impact, but the underlying situation remains fragile.