WS #12246

The US-Iran conflict is escalating rapidly, with multiple sources reporting US airstrikes on Iranian infrastructure (bridges, power substations, Kish Island) and Iranian drone strikes on US assets in Bahrain and Kuwait. The Strait of Hormuz remains effectively closed, and Iran has threatened to block the Bab al-Mandab Strait, which would further disrupt global oil trade. Oil prices have stabilized around $85/barrel, up ~20% in two weeks. The semiconductor selloff deepened, with the VanEck Semiconductor ETF (SMH) down 6.9% for the week, driven by Taiwan Semi's mixed report and broader tech weakness. Netflix fell 8% after hours on in-line earnings. New Mexico blocked a gas pipeline for Oracle's data center, adding to AI infrastructure headwinds. Major US banks cut over 10,000 jobs in Q2, the largest quarterly layoff wave since early 2020. The dominant narrative is ESCALATING: US-Iran conflict widening, oil supply disruption persisting, and tech selloff accelerating. No counter-signals detected.