WS #12006

The US-Iran conflict continues to escalate, with the US launching a third night of strikes on Iran and Trump announcing a naval blockade and a 20% fee on cargo transiting the Strait of Hormuz. This is confirmed by multiple sources including Al Jazeera, CENTCOM, and social media reports of explosions on Iran's Kish Island and in Bandar Abbas. The 20% toll is estimated to add $14-16 per barrel to oil prices, which is already pushing crude above $80. This geopolitical crisis is bullish for energy stocks (XOM, CVX) and bearish for airlines and consumer stocks. Separately, the FDA approved Biogen's LEQEMBI IQLIK subcutaneous injection for Alzheimer's, a significant development for BIIB. The Fed is projected to hike rates by September, according to Fed's Waller, which adds a hawkish macro backdrop. Gold dropped below $4,000 as oil surge fuels rate-hike worries. Google is positioning TPUs as a lower-cost alternative to Nvidia GPUs, with Nvidia offering financial guarantees to counter this. A federal judge voided Trump's IRS settlement, and California sued to block the Warner Bros/Paramount merger. The dominant theme is the US-Iran conflict, which is ESCALATING.