WS #12146

The data window shows a significant escalation in US-Iran hostilities, with fresh US strikes on Iran causing 35 deaths and over 300 injuries, and Iran threatening to block the Strait of Hormuz and other trade routes. This has triggered a sharp rise in oil prices and virtually stalled tanker traffic through the strategic waterway. The IEA's strategic petroleum reserve release is nearing depletion, with only a few weeks of supply left, removing a key buffer against supply disruptions. On the corporate front, ASML delivered a blowout quarter with raised 2026 guidance to €43-45 billion, but the stock barely reacted as markets await hyperscaler capex commentary to confirm AI spending durability. SpaceX shares fell below their IPO price, down 41% from peak, reflecting broader tech weakness. New York imposed a one-year ban on hyperscaler data centers, threatening AI infrastructure growth. The US-Iran narrative is ESCALATING, with the Strait of Hormuz closure becoming a material risk to global energy markets.