WS #7892

The dominant macro narrative remains the Iran/oil/Hormuz crisis, which is ESCALATING. Oil prices are rising (WTI +2.88% to $101.1, Brent +2.16% to $107.3) as Iran's uranium stance clouds the Strait of Hormuz outlook. Ukrainian drone strikes continue to hit Russian oil infrastructure, with a new strike on the Syzran refinery in Samara. This adds supply-side pressure to an already tight oil market. The 10-year Treasury yield is at multi-decade highs as the bond rout deepens, with mortgage rates surging to the highest since August, threatening the spring housing market. Richmond Fed President Barkin signaled the Fed may 'look through' inflation from supply shocks, but the market is pricing in a potential rate hike. Stellantis shares were halted pending news of a $70 billion turnaround plan. Eli Lilly announced phase 3 trial results for retatrutide showing 28.3% average weight loss, outperforming existing obesity drugs. NVIDIA confident in $1T target by 2027 with $100B buyback authorization. Modal AI startup raised $355M at $4.65B valuation. Multiple security firms (CrowdStrike, SailPoint, Varonis, Tenable) announced integrations with Anthropic's Claude Compliance API, signaling enterprise AI governance as a growing theme. The Met Police's £50m Palantir contract was blocked by London's mayor, a negative for Palantir's UK expansion. Bitcoin accumulation trends weaken with realized losses jumping to $600M. The ICJ ruled that the right to strike is protected under international law, a landmark labor ruling. China called on the US to stop threats against Cuba after Raul Castro was indicted. Putin stated nuclear weapons are a last resort, while Russian officials warned of nuclear retaliation over a potential Kaliningrad blockade. The prevailing Iran/oil crisis narrative is ESCALATING with no counter-signals in this window.