WS #11635

The US-Iran conflict has escalated dramatically in the last 30 minutes, with the US launching strikes on over 80 Iranian targets and revoking Iran's oil export license after attacks on three tankers in the Strait of Hormuz. Iran retaliated by striking US military sites in Bahrain and Kuwait, and oil tankers are turning back from the strait. Brent crude surged over 3% to $76.48, WTI rose 2% to $71.09, and European oil stocks BP and Shell gained 2.3% and 1.3% respectively. Asian markets fell sharply, with South Korea's Kospi entering bear market territory (-5.6%) and Japan's Nikkei down 2.1%. The FTSE 100 and Euro STOXX 50 opened lower. Bitcoin fell 1.8% to $62,514. The fragile ceasefire is now hanging by a thread, with Iran's foreign ministry condemning the US actions as a violation of the interim deal. However, a diplomatic track via Qatar remains possible, with Iran signaling dialogue on Wednesday. The situation is ESCALATING rapidly, with oil supply risks and broader market risk-off sentiment intensifying. Separately, Alibaba shares jumped most in ten months on earnings hopes, and South Korea's Kospi fell into a bear market on AI chipmaker concerns.