WS #12075

The US-Iran conflict continues to escalate sharply, with multiple sources confirming new US airstrikes on Iran, Iran asserting sovereignty over the Strait of Hormuz, and the US naval blockade officially taking effect at 4 PM ET. Iran has announced withdrawal from the MOU with the US, citing the blockade. Oil prices are surging (Brent +2.14%, WTI +1.96%, heating oil +5.13%). Senate Democrats blocked the NDAA over Iran hostilities, adding political uncertainty. The Writers Guild sued to block the Paramount/Warner Bros merger. On the positive side, cooler-than-expected CPI (3.5% YoY vs 4.2% prior) provided a bullish counter-narrative, with JPMorgan calling it 'a huge relief' for stocks. Goldman Sachs hit a record high on strong earnings. IBM plunged ~24% after a preliminary Q2 miss, its worst day since 1962. Apple's iOS 27 public beta with Siri AI launched. Meta faces a lawsuit alleging AI tools were used to select employees for layoffs, targeting those with disabilities. The dominant theme is the Iran escalation, which is bearish for equities and bullish for energy, but the CPI relief and strong bank earnings provide support. The narrative is ESCALATING on the geopolitical front.