WS #11931

The US-Iran conflict has escalated sharply, with the US launching multiple waves of strikes on Iran and Iran retaliating by striking Gulf states and declaring the Strait of Hormuz closed. This marks a significant escalation from the previous stable narrative. Oil prices have surged, with Brent rising over 3% to ~$78.50 and WTI to ~$73.80. The Strait of Hormuz closure threatens ~20% of global oil flows, creating bullish pressure on energy stocks and bearish pressure on airlines, shipping, and consumer sectors. The ceasefire is effectively over, and the US has revoked the oil waiver that allowed Iranian sales, further tightening supply. Separately, Mitch McConnell released a hospital photo and statement, but this is a low-significance political development. The dominant theme is ESCALATING.