WS #11636

The US-Iran conflict has escalated further with fresh US airstrikes on over 80 Iranian targets and revocation of Iran's oil export license, followed by Iranian retaliatory strikes on US military sites in Bahrain and Kuwait. Oil prices surged over 2% (Brent above $76, WTI above $72), European energy stocks gained, and European markets slid. The EU banned flights in Iranian airspace, and explosions were reported in Bushehr, Iran. The fragile ceasefire is now severely strained, with Iran accusing the US of violating the interim deal. Separately, Ukraine struck Russian oil refineries in Saratov and Tatarstan, adding to supply-side risks. In tech, Apple lost its EU legal fight over iOS and App Store designations, while SambaNova raised $1B at an $11B valuation, challenging Nvidia. Alibaba shares surged on earnings optimism, and SK Hynix's $28B ADR bookbuild was oversubscribed. The Kospi entered bear market territory, down over 20% from its June peak, on AI chipmaker concerns. Michael Burry disclosed a short position against semiconductor ETFs, betting against Nvidia, AMD, and Micron. The narrative is ESCALATING on the US-Iran front, with oil supply risks intensifying and risk-off sentiment spreading across global markets.