WS #12003

The US-Iran military conflict has escalated sharply in the last 30 minutes, with multiple sources confirming a third consecutive night of US strikes against Iran, Iranian drone and missile attacks on US facilities in Kuwait and vessels, and Trump's announcement of a 20% cargo fee for Strait of Hormuz transit. Oil prices surged ~9-10% (Brent above $83, WTI above $78) as the blockade effectively closes the strait to Iranian traffic and imposes a toll. The Nasdaq fell 1.6% and tech stocks sold off, while energy stocks rallied. Iran claims to have shot down a US MQ-1 drone and targeted US assets with cruise missiles. The Houthis also threatened to close Bab al-Mandab, raising the risk of oil spiking toward $200. No de-escalation signals emerged; the narrative is ESCALATING. A $157M dark pool buy in META and a $133M QQQ dark pool print suggest institutional activity, but the macro risk-off tone dominates. Lindsey Graham's Senate replacement was appointed, but this is noise relative to the war escalation.