WS #12378

The US-Iran conflict continues to escalate sharply, with multiple sources confirming new developments. Iran has officially suspended its commitments to the Islamabad MoU after accusing the US of repeated violations. The US struck an Iranian water desalination plant, leaving 10,000 people without drinking water, which has been labeled a potential war crime. Iran retaliated by hitting a Kuwaiti oil facility and desalination plant, and instructed Hezbollah to prepare for expanded war. Two US service members were killed in an Iranian missile and drone attack in Jordan, with a third missing. The EU and Gulf states jointly called on Iran to permanently open the Strait of Hormuz without conditions. Oil prices remain elevated with WTI up 4.42% and Brent up 4.59% in the last 24 hours. Separately, the US imposed 25% tariffs on Brazil effective July 22, and the US let the Hong Kong emergency declaration lapse while keeping Executive Order 13936 in place. The dominant theme is US-Iran escalation, which is escalating.