WS #12340
The US-Iran conflict continues to escalate, now in its seventh consecutive night of US strikes, with Iran retaliating against US allies Kuwait, Bahrain, and Jordan. The Strait of Hormuz remains effectively closed, and Iran has threatened to destroy regional energy and water infrastructure. Oil prices are expected to surge further, with Brent above $88 and WTI above $82, up ~16% for the week. This counters any ceasefire narrative and is bearish for global equities and risk assets, while bullish for energy. Separately, Ukrainian drone strikes hit Russian oil depots and logistics hubs, including a Wildberries warehouse and an oil depot near Moscow, adding to supply-side concerns. On the tech side, Apple has raised prices on Apple Music and iCloud+ globally, and SpaceX stock has fallen below its IPO price. The overall narrative arc is ESCALATING for geopolitics and STABLE for the tech rotation, with no de-escalation signals detected.
Topics
Key developments
- Iran strikes Kuwaiti desalination plant and oil facility; Strait of Hormuz remains closed
- Ukrainian drones hit Russian oil depot and Wildberries logistics hubs, killing at least 8
- Apple raises Apple Music and iCloud+ prices globally; expands OpenAI trade secret lawsuit
- SpaceX stock falls below IPO price, down ~7% in one session