WS #10911

The US-Iran conflict continues to escalate, with multiple sources confirming a second night of US strikes and IRGC retaliation against US bases in Kuwait and Bahrain. Iran's foreign minister reiterated that the Strait of Hormuz remains under Iranian control for 30 days, and Iranian state media views nuclear weapons as necessary to deter intervention. Al Jazeera reports the US-Iran MoU is jeopardized by the Hormuz strikes, and Axios reports the ceasefire could collapse. Brent crude is above $90/barrel. Separately, Ukraine's drone campaign against Russian oil refineries continues, with multiple sources confirming strikes on Slavyansk and Yaroslavl refineries, and Russia's energy ministry advising against diesel export restrictions. The Google-Meta AI capacity story is corroborated by multiple sources including Seeking Alpha and FT, indicating Google has rationed AI capacity to Meta. Leverage concerns in the US stock rally are flagged by Bloomberg. The US-Iran narrative is ESCALATING, while Ukraine refinery strikes are STABLE. No counter-signals detected.