WS #11948

The US-Iran conflict over the Strait of Hormuz continues to escalate sharply, with multiple sources confirming fresh US strikes on Iran and Iranian retaliation against US bases in Kuwait, Bahrain, Jordan, Oman, and Qatar. Brent crude jumped 4.7% to $79.59, and Asian markets plunged—South Korea's KOSPI fell 9%, with Samsung down 10.7% and SK Hynix down 15.4%. Iran's foreign ministry stated it will not execute its commitments under the MOU with the US as long as the other party is not fulfilling its commitments, and that US pressure on Oman hindered efforts to reach a joint mechanism on the Strait of Hormuz. The dominant theme is ESCALATING. Separately, South Korean chipmakers are crashing on the geopolitical risk, with KOSPI plunging 9% amid sharp drops in Samsung and SK Hynix. Bitcoin fell 2.5% to near $62,600 as oil rally reignites inflation fears. Ukraine continues drone strikes on Russian oil facilities, including the Syzran refinery and NOVATEK Ust-Luga, deepening Russia's fuel shortage. The TSMC Q2 revenue beat (up 36% YoY) is carried forward as an ongoing positive for AI/semiconductor tickers.