WS #11997

The US-Iran conflict is sharply ESCALATING, with multiple cross-corroborated sources confirming Trump's reinstated blockade of the Strait of Hormuz, a 20% toll on cargo, and fresh airstrikes on Iranian cities including Ahvaz and Konarak. Iran has responded by targeting 'violating' vessels and mocking the toll proposal, while Houthis attacked Abha International Airport in Saudi Arabia. Oil prices surged ~9% (Brent above $83, WTI near $78), and GasBuddy's Patrick De Haan predicts US national average gasoline at $4/gallon within 7-10 days. Trump will address the nation Thursday at 9pm ET. Separately, TeraWulf signed a $19 billion AI hosting deal with Anthropic, a high-significance development for AI infrastructure plays. Apple kept iPhone prices steady, strengthening its competitive edge. Options flow shows heavy put buying on QQQ ($939M) and call buying on NFLX ($60M), indicating bearish tech sentiment but bullish Netflix expectations. The Paramount-Warner Bros merger faces a 12-state antitrust lawsuit, adding uncertainty to the deal. The federal judge voiding Trump's $1.8bn IRS settlement is a political development with limited direct market impact. The Fed rate hike narrative persists with Polymarket showing bets on a 25bps hike in September.