WS #11675

The US-Iran ceasefire has definitively collapsed, with President Trump declaring it 'over' at the NATO summit and threatening further strikes, including potential seizure of Iran's Kharg Island. Oil prices surged over 7% (Brent above $80, WTI above $75) as the Strait of Hormuz remains a flashpoint. The IMF issued a joint statement with IEA, World Bank, and WTO expressing concern over energy market strains and urging resolution. Iran has suspended all nuclear talks with the US, and Iraq agreed to halt dollar flows to Iran-backed militias. Counter-signal: Trump later downplayed escalation risk, saying he doesn't believe the war will reignite, which helped the euro recover and pared some oil gains. The Fed minutes confirmed a split committee with some members seeing a case for rate hikes, keeping rate uncertainty elevated. Consumer credit unexpectedly contracted in May, signaling consumer strain. Nvidia saw a $2.4M bullish options whale trade and a dark pool block of 1M shares, while Apple announced a $30B chip deal with Broadcom. Semiconductor stocks showed divergence: AVGO up 4%, INTC down 7.7%, AMD down 7%. Michael Burry took new positions in DraftKings and Flutter. The NATO summit concluded with pledges of €70B for Ukraine and Trump offering Ukraine Patriot missile license production.