WS #11893

The Strait of Hormuz crisis has escalated sharply in the last 30 minutes. Iran's IRGC declared the Strait closed 'until further notice' after firing on a Cyprus-flagged container ship, M/V GFS Galaxy, causing significant damage and a missing crew member. The US immediately launched a third round of strikes against Iran, with CENTCOM stating it is 'imposing a heavy cost.' This represents a major escalation from the previous stalemate, as Iran has now formally closed the waterway and the US has responded with new strikes. However, a counter-signal has emerged: CBS News reports that Iranian officials have privately told US advisers the attack was a 'mistake' by a rogue faction and signaled willingness to continue talks in Oman. This creates a volatile situation where the public narrative is escalation, but private channels suggest de-escalation may be possible. The IEA has warned of a petrol and diesel supply crunch, noting that only 16mn barrels per day are coming from the Gulf versus 24mn before the conflict. Separately, SK Hynix's US IPO was a major success, raising $26.5 billion and trading up ~12.8% on its first day, signaling strong investor appetite for AI memory plays despite geopolitical turmoil.