WS #12376

The US-Iran conflict is escalating sharply, with multiple sources confirming new US strikes on Iran, Iran's suspension of the Islamabad MoU ceasefire, and retaliatory attacks on US bases in Jordan killing two US troops. The EU and Gulf states jointly rejected Iranian claims over the Strait of Hormuz, while Iran struck Kuwaiti infrastructure and a US-based oil operator suspended operations in Iraq. Oil prices are surging. Separately, the US imposed 25% tariffs on Brazil, and Shein gained Beijing approval for a Hong Kong IPO. Goldman Sachs advised looking beyond AI stocks, while Micron and Sandisk are benefiting from AI memory demand. The dominant theme is US-Iran escalation, which is escalating.