WS #9467

The US-Iran conflict remains the dominant market driver, with the US launching strikes on Iran after the downing of an Apache helicopter and President Trump threatening further responses. This is escalating the risk-off tone and pushing oil prices higher. The EIA reported a massive 7.227M barrel crude draw vs 3.000M estimate, and OPEC crude output fell 1.06M bpd month-on-month in May to the lowest in over two decades, both bullish for oil. The IAEA board passed a resolution demanding Iran declare enriched uranium stocks, adding geopolitical pressure. The Bank of Canada held rates at 2.25% as expected, but flagged uncertainty from the Iran war. In company news, Amazon signed a $17.5B loan facility, and Michael Burry's Scion Capital disclosed put options on NVDA and PLTR, signaling bearishness on AI. Airlines are bracing for a profit squeeze as IATA warns of surging fuel costs. The dominant narrative is escalation of US-Iran conflict with inflationary consequences, and no counter-signals or de-escalation are present in this window.