WS #11891

The Strait of Hormuz crisis has escalated dramatically. Iran's IRGC navy announced the closure of the Strait of Hormuz 'until further notice' after firing on and striking a commercial cargo ship. Multiple sources (Axios, Reuters, Jerusalem Post, DW, New York Post, Iran state media) corroborate the closure and the attack. Explosions were reported in southern Iran (Bushehr, Asaluyeh) following the closure. This represents a major escalation from the previous standoff, as Iran has now physically closed the waterway through which ~20% of global oil transits. The US had issued an ultimatum demanding Iran keep the strait open, which Iran has directly rejected. The narrative arc is ESCALATING. Separately, SK Hynix's $28 billion ADR offering was 7x oversubscribed and its stock soared 14% on first trading day, signaling strong AI/semiconductor demand. Micron announced $250 billion in US AI investments and its stock rose 7%. Apple filed a lawsuit against OpenAI alleging theft of trade secrets, which could impact the AI competitive landscape. The Apple vs. OpenAI lawsuit is a new development not previously covered.