WS #12019

The dominant market-moving theme remains the escalating US-Iran conflict, with multiple new developments confirming an escalation. President Trump announced a US naval blockade of Iranian ports and a 20% fee on all cargo transiting the Strait of Hormuz, while Iran declared the strait closed. US strikes on Iran continued for a third consecutive night, with reports of projectiles hitting southwestern Iran. The UN's International Maritime Organization opposed the transit fees, stating there is no legal basis for mandatory tolls. Oil prices surged over 10%, and Bitcoin dropped below $63K amid the geopolitical turmoil. A separate development: South Carolina Governor McMaster appointed Lindsey Graham's sister, Darline Graham Nordone, as interim senator following Graham's death, with the Senate looking to honor Graham with Russia sanctions. The US-Iran conflict is clearly escalating, with no de-escalation signals observed. The previous high-significance development (US-Iran conflict) is carried forward as ongoing and escalating.