WS #12032

The US-Iran conflict in the Strait of Hormuz continues to escalate, with oil prices surging as the US reinstates a naval blockade and Iran retaliates with missile attacks on UAE tankers. Brent crude has broken above $86/barrel, up over 5% in this window, while WTI trades near $80. The US military confirmed 8.5 million barrels transited Hormuz on Sunday with assistance, but traffic remains severely disrupted. Iran's parliament has introduced a bill to assert control over the Strait, while the EU and E3 reject any tolls or restrictions. Ukraine struck two Russian oil refineries, adding to supply-side risks. Separately, Samsung is exploring a US ADR listing, and Nvidia has halved its authorized Asian chip buyers amid US export crackdowns, a bearish signal for NVDA. The June CPI preview suggests inflation eased on lower gas prices, but the fragile ceasefire has reversed that trend. Markets are mixed, with futures flat ahead of bank earnings and CPI data.