WS #9137

The dominant theme remains the escalation of US-Iran hostilities, with Brent crude up 4.8% in 24h and a Strait of Hormuz alert, supporting bullish energy sentiment. Ukraine continues to strike Russian energy infrastructure, with a major fire at the Tyumen oil refinery and confirmed hits on an arsenal and oil depot, adding to supply-side risks. The Google-SpaceX $920M/month compute deal is a high-significant positive for AI infrastructure plays (NVDA, GOOGL) and counters the broader tech weakness narrative. Bitcoin remains under pressure, with a CNBC report noting a drop to its lowest since 2024 and investors flocking to HYPE ETFs. The EU has banned Brazilian meat imports over antimicrobial concerns, which could impact Brazilian exporters and US meat producers. The US-Iran conflict is ESCALATING, with no de-escalation signals in this window. The Google-SpaceX deal is a carry-forward positive from the previous window, now with additional confirmation from multiple sources.