WS #9375

Oil prices fell ~2% Tuesday as President Trump claimed an Iran deal could be 'two or three days' away, despite fresh Israeli airstrikes on Tyre and reports of Hezbollah infiltration into Israeli territory. Multiple sources (CNBC, Benzinga, Reuters, jetstream.bsky) corroborate Trump's renewed push for a ceasefire, with Iran and Israel reportedly halting strikes after Trump's intervention. This de-escalation narrative is countering the oil supply disruption thesis that briefly spiked prices Monday. Separately, Emirates President Tim Clark (via Reuters) said the airline sees oil prices coming back down to the mid-$60 to low-$70 region over time, and that first-class occupancy is about half normal levels due to the Iran war, reinforcing the demand-side weakness view. The US trade deficit narrowed to $55.9B in April (vs $56.1B est.), with exports rising to $327.1B, a modest positive for the macro outlook. In company-specific news, Applied Digital (APLD) signed a fifth AI campus lease and raised $1.59B, continuing its AI infrastructure buildout. Jet.AI (JTAI) announced a review of strategic alternatives for its SpaceX equity interest, potentially unlocking value ahead of a widely reported SpaceX IPO. The dominant narrative is a de-escalation in Middle East tensions, which is bearish for oil and bullish for consumer/airline stocks, but the situation remains fragile with ongoing Israeli operations in Lebanon and a GRU general killed in a car bombing near Moscow.