WS #11950

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. Brent crude jumped 4.08% to $79.1, and WTI rose 4.11% to $74.36. Iran has officially closed the Strait of Hormuz, with ship transits collapsing to 21 per day (down from ~140 normal). Ships are now transiting with transponders off to avoid detection. The dominant theme is ESCALATING. Separately, Ukraine's Unmanned Systems Forces destroyed 15 Russian shadow fleet ships, including seven oil tankers, in a massive overnight strike, and Ukrainian drones struck the Syzran refinery again, causing its most damaging hit yet. This deepens Russia's fuel shortage and supports oil prices. On the positive side, TSMC's Q2 revenue beat (+36% YoY) is carried forward as an ongoing positive for AI/semiconductor tickers. S&P affirmed Indonesia's BBB/A-2 rating with stable outlook, noting the impact of US tariffs is fading but Middle East war and Strait of Hormuz closure have introduced fresh vulnerabilities. The Shein HK IPO hearing is scheduled for Thursday, which could impact the retail/IPO market. The DOJ subpoenaed NYT reporters over Air Force One reporting, a political development but not directly market-moving.