WS #11903

The dominant narrative remains the escalating US-Iran conflict over the Strait of Hormuz, which is in an ESCALATING phase. The US launched a third wave of strikes against Iran after the IRGC attacked a container ship, and Iran retaliated by striking Gulf states and declaring the strait closed. However, both Trump and CENTCOM insist the strait remains open and traffic is flowing, creating a counter-signal that may dampen oil price spikes. Separately, Apple filed a lawsuit against OpenAI for alleged theft of trade secrets, which could impact AAPL and AI sector sentiment. The death of Senator Lindsey Graham is confirmed but has limited direct market impact. No other major developments were identified.