WS #12108

The US-Iran conflict continues to escalate, with Iran officially withdrawing from the temporary MoU with the US and asserting full control over the Strait of Hormuz. Vessel traffic through the Strait has plunged 52%, and Iran is collecting Bitcoin tolls. Trump has threatened to expand strikes on Iran's civilian infrastructure, while also proposing to replace cargo charges with a trade and investment agreement, causing oil to briefly spike above $87 before settling at $85. The US Senate rejected advancing the National Defense Authorization Act (50-46), adding political uncertainty. In corporate news, Stripe and Advent International have made a joint offer to acquire PayPal for $60.50 per share, valuing it at over $53 billion. ASML lifted its full-year outlook for the second time in 2026, boosting European chip stocks. IBM's 25% plunge continues to weigh on tech sentiment. Morgan Stanley filed amended S-1s for spot Ethereum and Solana ETFs, with Coinbase providing custody. The dominant theme is US-Iran conflict ESCALATING, with oil supply disruption risk high, countered by Trump's proposed trade deal and the Senate NDAA rejection.