Tom White kicks off the trading coverage with a look at the drawdown in crude oil prices this week. He and Jenny Horne discuss ongoing negotiations with Iran to re-open the Strait of Hormuz, which Tom sees the "narratives starting to change a bit." On the earnings front, Tom examines the drop in Western Digital (WDC) shares after disappointing guidance and what he thinks could be profit taking by some investors. Similarly for SanDisk (SNDK), Tom compares the overall memory sector falling in sympathy wondering how long the "boom can last" in the AI spending cycle.