WS #11995

The dominant narrative is a sharp escalation in US-Iran tensions, with President Trump announcing a reinstated blockade of the Strait of Hormuz and a 20% toll on all cargo. This has driven oil prices up ~8% (Brent to $81.92) and is fueling fears of a Fed rate hike in July, as Fed Governor Waller signaled openness to a hike if inflation persists. The situation is ESCALATING. Cross-source corroboration is strong: AP, BBC, Al Jazeera, Bloomberg, and multiple social media accounts all report the same blockade/toll announcement and fresh US airstrikes on Iranian ports (Bandar Abbas, Chabahar, Konarak). Iran has responded with anti-ship missile strikes in the strait. Separately, a dozen US states sued to block the $110bn Paramount-Warner Bros merger, a high-significance antitrust development. On the MAG7 front, Apple sued OpenAI for trade secret theft, and SK Hynix's US-listed shares fell ~8% after a strong debut, dragging down chip stocks (NVDA, AMD). The Fed rate hike odds have risen, with Polymarket showing increased trading on rate hike outcomes. The previous situational awareness noted the US-Iran conflict as stable but this batch shows clear escalation with new blockade and airstrike details.