WS #11915
The US-Iran conflict has escalated sharply with new strikes and counter-strikes. Iran declared the Strait of Hormuz closed after attacking a container ship, but the US CENTCOM and President Trump insist it remains open and traffic is flowing. The US struck 140 Iranian targets overnight, and Iran retaliated against Gulf states including Kuwait, Jordan, and Oman. This contradictory information creates significant uncertainty for oil markets, with Brent crude around $78/barrel and transits down 81% year-on-year. The situation is ESCALATING, with the June ceasefire effectively collapsed. Separately, Senator Lindsey Graham's death at 71 creates a Senate vacancy that could impact the Russia sanctions bill he championed. Apple has sued OpenAI for alleged trade secret theft by former employees, including hardware chief Tang Yew Tan. The stablecoin market saw its largest monthly decline since 2022, with USDT and USDC market caps shrinking by $10 billion since May. Oil prices dropped over 1% as OPEC+ agreed to boost output and Hormuz traffic shows signs of recovery, but the renewed conflict could reverse this trend.
Topics
Key developments
- US strikes 140 Iranian targets after Iran attacks container ship in Strait of Hormuz; Iran declares strait closed, US insists open
- Senator Lindsey Graham dies at 71; South Carolina governor to appoint replacement
- Apple sues OpenAI for alleged theft of hardware trade secrets by former employees
- Stablecoin market cap shrinks by $10 billion since May; new Clarity Act draft expected