WS #12330

The US-Iran conflict has escalated significantly in the last 30 minutes, with multiple independent sources reporting new attacks. Iran launched a ballistic missile at a US military base in Saudi Arabia (Axios, multiple Bluesky OSINT accounts), and the IRGC claims to have disabled four oil tankers in the Strait of Hormuz using cruise missiles and drones. Explosions were reported in Khuzestan and Bushehr provinces, and a US airstrike targeted a bridge in southern Iran. This marks a major escalation from the previous 'stable' narrative. Wall Street closed sharply lower on Friday, with the Dow Jones falling 406 points (-0.8%), the S&P 500 down 1%, and the Nasdaq down 1.4%. The Philadelphia Semiconductor Index (SOX) entered bear market territory, down 20% from its June high. Oil prices surged, with Brent crude up 4.6% to $88.10, and US crude up 15% for the week. The escalation in the Middle East is driving risk-off sentiment and energy price spikes. In a separate development, ECB President Lagarde reportedly said she could resign before her term ends to join France's political debate, which could create leadership uncertainty at the ECB. Apple briefly overtook Nvidia as the world's most valuable company, closing up 0.14% while Nvidia fell, as AI-related stocks sold off on concerns about overhyped AI spending and competition from open-source Chinese models.