WS #12328

The US-Iran conflict continues to escalate sharply, with multiple new attacks reported in the last 30 minutes. Iran's IRGC claims to have disabled four oil tankers in the Strait of Hormuz using cruise missiles and drones, and reports indicate explosions in Khuzestan and Bushehr provinces. The US launched airstrikes targeting a bridge near Bandar Abbas and struck Iranian infrastructure in Yazd. Iran launched ballistic missiles at US military bases in Saudi Arabia and Jordan, and struck US bases in Jordan. Saudi civil defence issued early warnings in Yanbu and Al-Kharj, later saying danger had passed. Oil prices are surging: WTI crude +4.42% to $82.44, Brent +4.59% to $88.10. The Strait of Hormuz is effectively closed, with Iran stating it is 'extremely dangerous and completely closed'. This represents a significant escalation from the previous narrative. On the counter-signal front, Chevron is reportedly exploring a pipeline to bypass the Strait of Hormuz, which could offset some supply disruption fears. Separately, Apple has overtaken Nvidia as the world's most valuable company, with a market cap of $4.9 trillion, as AI investment rotates from infrastructure to monetization. The Paramount-Warner Bros. merger faces a potential pause as a judge considers a request from 12 states. Trump threatened Canada with additional tariffs over wildfire smoke, adding a new geopolitical friction.