WS #12029

The US-Iran conflict continues to escalate sharply, with multiple sources corroborating a third night of US strikes on Iranian targets and Trump reinstating a naval blockade of the Strait of Hormuz with a 20% toll on cargo. Iran retaliated by attacking two UAE tankers in the Strait, killing one Indian sailor, and targeting a US base in Jordan with ballistic missiles. Brent crude has risen above $85 a barrel, the highest in a month, per Bloomberg. India has summoned the Iranian DHC over the killing of an Indian seafarer. Separately, Ukrainian drone strikes hit the Gazprom Neftekhim Salavat refinery in Bashkortostan, adding to supply-side pressure on Russian oil. On the tech side, Nvidia reportedly cut more than half of its Asian AI chip customers amid tighter China screening, a bearish signal for NVDA. The US government moved $288M in seized bitcoin and ether to Coinbase Prime, potentially signaling a sale despite Trump's no-sell order. BP flagged a $1 billion writedown from gas and low carbon business. The dominant theme is the escalating US-Iran conflict, which is bullish for oil and defense stocks but bearish for consumer, transport, and risk assets. The narrative arc is ESCALATING.