WS #11898

The dominant signal in this window is the renewed and escalating US-Iran conflict, with multiple corroborating sources confirming a third round of US strikes hitting ~140 Iranian targets, Iran closing the Strait of Hormuz 'until further notice' after attacking a container ship, and Iran retaliating with missile/drone attacks on US bases in Qatar, UAE, Bahrain, Kuwait, and Jordan. This marks a significant escalation from the previous ceasefire, with the Strait of Hormuz closure being critical for global oil supply. Oil prices are expected to spike when markets open, benefiting energy stocks (XOM, CVX, XLE) while hurting airlines (DAL, UAL, AAL) and consumer sectors. Separately, the Apple lawsuit against OpenAI for trade secret theft is a medium-significance development that could pressure AAPL sentiment and OpenAI's IPO prospects, but the dominant market-moving factor remains the Iran escalation. The Lindsey Graham death is confirmed by multiple sources but has limited direct market impact. The narrative arc is clearly ESCALATING.