WS #11585

The dominant signal in this window is the renewed escalation of the Strait of Hormuz crisis, with Iran firing missiles at commercial vessels including a Qatari LNG tanker, directly contradicting the previous de-escalation narrative. This has driven oil prices up over 1% (Brent to $73, WTI to $69.48) and triggered a sharp selloff in Asian and European tech stocks, particularly semiconductors (Samsung -6%, Infineon -5.4%, ASML -5%). The NATO summit in Ankara is underway with Ukraine seeking new drone deals and air defense systems, while Russia claims strategic gains in Kostiantynivka. France lowered its 2026 growth forecast to 0.7% from 0.9%. On the corporate front, Rivian announced a $1.5B equity offering (expected -20% gap), Microsoft is cutting 4,800 jobs including 20% of Xbox, and SpaceX joins the Nasdaq 100. The BONK DAO was drained of $20M via a governance attack. The Ukraine-Russia conflict narrative is ESCALATING with continued drone strikes on Russian oil infrastructure, while the Hormuz narrative is RE-ESCALATING after the missile attacks.