WS #12021

The US-Iran conflict continues to escalate with no de-escalation signals. Trump has officially reimposed a naval blockade of Iranian ports and announced a 20% fee on ships transiting the Strait of Hormuz, effective 4 PM ET Tuesday. Multiple sources (NYT, CNN, Al Jazeera, Bloomberg) confirm the blockade and new strikes, with Iran launching ballistic missiles in response. Oil prices are rising: WTI +2.27% to $79.91, Brent +2.14% to $85.11, extending Monday's 9.6% surge. Citi warns the Hormuz toll materially raises escalation risk. Delta Air Lines reported Q2 revenue +19% but operating income -11% as fuel costs surged 80%, directly illustrating the oil price impact on airlines. Separately, Senator Lindsey Graham has died, with his sister appointed to fill his term, complicating the GOP Senate agenda. Fed rate-hike bets are mounting ahead of CPI data and Fed testimony. Apple introduced a revamped Siri in iOS 27 public beta, positioning it as the core iPhone OS interface. The dominant theme is ESCALATING US-Iran conflict with no counter-signals.