WS #11638

The US-Iran ceasefire has definitively collapsed. President Trump declared the MOU 'over' at the NATO summit in Ankara, calling Iranian leaders 'scum' and negotiations a 'waste of time'. The US launched over 80 strikes on Iranian targets after Iran attacked commercial vessels in the Strait of Hormuz, and revoked Iran's oil sales waiver. Iran retaliated by striking US military sites in Bahrain and Kuwait, which intercepted missiles and drones. Oil prices surged over 6%, with Brent above $78 and WTI above $74, reversing recent declines. European and Asian stock markets fell sharply, with S&P 500 and Nasdaq futures down over 1%. The dollar strengthened and bond yields rose on inflation fears. Separately, Apple committed $30 billion to Broadcom for US chipmaking, a positive for AAPL and AVGO, while the EU General Court upheld Apple's gatekeeper designation under the DMA, a regulatory headwind. Ukraine struck multiple Russian oil refineries and a pumping station, adding to oil supply concerns. The narrative is ESCALATING on US-Iran, with oil supply risks intensifying and risk-off sentiment spreading across global markets.