WS #12148

The US-Iran conflict continues to escalate with a second wave of US strikes targeting Iranian military capabilities in the Strait of Hormuz, confirmed by CENTCOM and multiple sources. Iran retaliated with drone and missile attacks on Kuwait and Erbil, while threatening to block more trade routes. Trump threatened to strike Iranian bridges and power plants, but also claimed Iran called to make a deal, creating mixed signals. The IEA strategic reserve is nearly depleted, removing a key buffer. Oil prices remain elevated near one-month highs. Separately, Stripe and Advent offered ~$53B to acquire PayPal, sending PYPL up 16% but Michael Burry called the bid too low. IBM shares plunged 25% after CEO acknowledged AI spending shift hurt revenue. Apple hit an all-time high on positive China AI news. SpaceX shares fell below IPO price, down 41% from peak. The US-Iran narrative is ESCALATING with the Strait of Hormuz blockade becoming a material risk to global energy markets, though Trump's claim of a potential deal introduces a counter-signal.