WS #14296

The dominant US-Iran narrative is ESCALATING with a critical new data point: the 60-day MOU deadline expired with no extension, and Iran has shifted to a 'fully offensive' military posture while the US rules out extending the ceasefire. Trump threatened to bomb Oman if it interferes with Hormuz talks, and demanded Iran's surrender. Brent crude is above $91, with oil prices and bond yields rising on renewed energy inflation fears. This is corroborated across Reuters, AFP, and multiple outlets. The market impact is clear: energy names (XOM, CVX) bullish, airlines (DAL, UAL) bearish, and broader indices under pressure. Additionally, BHP reported strong annual profit driven by copper, with copper prices up 26% on average, signaling continued demand from AI data centers and energy transition. Berkshire Hathaway increased its Alphabet stake by 83% to $38 billion, a notable MAG7 signal. Nvidia's Spectrum-X switches entered mass production and the Vera Rubin chip is ahead of schedule, supporting semiconductor momentum. Bitcoin is overdue for a 30% move per Fundstrat, with recent short-covering rally. The Philippines school shooting is a tragic but non-market event. The Iran situation is the primary driver.