WS #12400

The US-Iran conflict continues to escalate, with Iran claiming drone strikes on US bases in Kuwait and Kuwaiti air defenses intercepting hostile targets. The US launched its eighth consecutive night of strikes on Iranian military infrastructure after two US service members were killed in Jordan. Iran suspended its commitments under the interim deal, marking a fuller collapse of the ceasefire. Oil prices surged to one-month highs as the Strait of Hormuz blockade was reinstated. Separately, Russia launched a major ballistic missile attack on Kyiv, damaging the Azerbaijani embassy. In tech, Apple regained the title of world's most valuable company, surpassing Nvidia by a slim margin, as investors shift focus to Apple's services revenue and ecosystem. Netflix shares fell 9% after-hours on Q2 revenue miss despite AI usage in 300 titles. Moonshot AI plans a Hong Kong IPO after its Kimi K3 model topped global AI benchmarks, targeting a $30 billion valuation. The dominant theme is US-Iran escalation, which is ESCALATING.