WS #12348

The US-Iran conflict continues to escalate, with multiple sources reporting Iranian attacks on Kuwaiti infrastructure (power/water desalination plants) and GCC condemnation labeling them war crimes. The US has conducted missile strikes near Sirik, Iran, and Iran's supreme leader is expected to release a message. This geopolitical escalation is driving oil prices sharply higher (Brent up 5.1%) and increasing risk aversion, benefiting energy stocks while pressuring risk assets. Separately, Apple has overtaken Nvidia as the world's most valuable company amid a tech rotation, and Apple has raised iPhone prices in Japan by up to 11% due to yen weakness. Netflix's disappointing Q3 forecast caused an 8.6% after-hours drop. Ukraine drone strikes on Russian logistics and oil infrastructure continue, with nine killed. The overall narrative is one of geopolitical risk escalation, with energy stocks likely to benefit and risk assets under pressure.