WS #12342

The US-Iran conflict continues to escalate with a seventh consecutive night of US strikes targeting critical infrastructure in Iran, including a desalination plant leaving 10,000 without water, and bridges/railways near Bandar Abbas to cut supply lines to the Strait of Hormuz naval base. Iran retaliated by striking Kuwaiti power/water plants, Bahrain, and Jordan, and has officially suspended the MOU with the US. Two oil tankers hit mines in the Strait of Hormuz, effectively closing the waterway. Oil prices surged to $88/bbl (Brent), the highest in a month. Meanwhile, Apple retook the world's most valuable company spot from Nvidia as chip stocks sold off on AI spending concerns, with Nvidia down 2.4% and the broader semiconductor rout deepening. Apple is in early settlement talks with DOJ over the antitrust lawsuit. Chevron announced up to 9,000 job cuts (20% of workforce). Iraq signed 48 deals with US companies including ExxonMobil, Shell, and Halliburton, and a pipeline deal with Syria to bypass Hormuz. The narrative arc is ESCALATING for geopolitics and BEARISH for tech, with no de-escalation signals detected.