WS #12350

The US-Iran conflict continues to escalate sharply, with Iran striking Kuwaiti oil and water infrastructure, forcing Kuwait International Airport to suspend operations and causing oil prices to spike above $87/barrel. Iran's IRGC has vowed that not a 'drop of oil and gas' will leave the Strait of Hormuz until US attacks cease, and has warned of a 'full-scale offensive'. The US has conducted a seventh consecutive night of strikes on Iranian military targets. This escalation follows the collapse of last week's ceasefire and represents a significant intensification of the conflict. Separately, President Trump has threatened to increase tariffs on Canada over wildfire smoke pollution, adding a new trade friction. The Anthropic-Samsung AI chip manufacturing deal and Apple's legal dispute with OpenAI over trade secrets are notable tech developments, but the dominant market-moving theme remains the escalating Middle East conflict and its impact on energy prices and global supply chains.