Applied Digital (APLD.O) signed a 210 MW lease for the Delta Forge2 project, extending its "AI factory" franchise model to a fifth campus.

A King's College London international security lecturer said that with the Strait of Hormuz stabilising, Iran appears to be moving into a 'neither war nor peace' posture and is not rushing back to the negotiating table to seek sanctions relief. He said the United States looks more clearly intent on pushing a deal than Iran, despite Trump’s mixed signals—frequent hawkish rhetoric alongside public comments that an agreement is close. On Israel, he added Prime Minister Netanyahu needs to show he is taking a hard line against Hezbollah rather than merely following US policy signals.

CITIC Securities research note said markets underappreciate near- and mid-term upside risk to oil. Near term, the Strait of Hormuz has been closed for weeks and more wells have been forced offline; prolonged outages risk permanent capacity loss. Over the medium term, low capex has pushed US drilled‑but‑uncompleted inventories and new drilling to multi‑year lows, making sustained US high output unlikely and shifting residual supply and pricing power toward Middle East producers. Markets were overly optimistic on a quick end to the Middle East conflict; forward oil is being repriced higher and potential upside to inflation merits monitoring.