WS #11654

The US-Iran conflict has escalated sharply, with President Trump declaring the ceasefire over and ordering new strikes on Iran, including on Kharg Island (though oil infrastructure was spared). Iran retaliated with ballistic missiles at US bases in Kuwait and Bahrain, and drone/missile attacks on shipping in the Strait of Hormuz. Oil prices surged over 6% on the renewed hostilities and Strait of Hormuz disruption fears. The US also revoked Iranian oil waivers and is preparing a potential blockade of Iranian ports. Separately, Russia banned diesel exports after Ukrainian drone strikes damaged refineries, adding to global fuel supply tightness. China plans to allow top AI firms to buy limited Nvidia H200 chips, boosting Nvidia and Chinese tech stocks. The Apple-Broadcom $30B chip deal is a positive for both AAPL and AVGO. The US-Iran escalation is the dominant market-moving theme, with oil and energy stocks rallying while broader equities sell off.