WS #11971

The dominant narrative remains the sharp escalation in US-Iran tensions over the Strait of Hormuz, which is now ESCALATING further. President Trump has formally announced the reinstatement of a naval blockade and a 20% fee on all cargo transiting the waterway, declaring the US the 'guardian' of the strait. This is corroborated by multiple sources (BBC, CBS, Bloomberg, Al Jazeera, Reuters, and numerous social media posts). Oil prices have surged, with Brent crude up ~4.6% to $79.50 and WTI up ~4.6% to $74.72. Traffic through the strait has reportedly plunged 52% this weekend. The US and Iran continue to trade strikes, with CENTCOM confirming a sea drone attack on an Iranian naval facility. Saudi airstrikes have also hit Houthi targets in Yemen, and a drone attack on a Kuwaiti oil platform was confirmed. The macro theme is firmly ESCALATING, with oil-sensitive sectors directly impacted. Separately, Shein's executive chairman Donald Tang is stepping down as the IPO nears completion, a development that could affect the company's valuation. SpaceX stock continues to decline, nearing its $135 IPO price. Bitcoin has fallen below $63,000 amid the risk-asset rout. A fatal ICE shooting in Maine and the death of Senator Lindsey Graham are notable but have limited direct market impact.