WS #12418

The US-Iran conflict continues to escalate sharply, with the US launching an eighth consecutive night of airstrikes after two American service members were killed in Jordan. Iran retaliated by firing missiles toward Jordan, with Kuwaiti air defenses intercepting projectiles and explosions reported in Erbil, Iraq. The Houthis in Yemen plan to announce a 'significant position' tomorrow. On the diplomatic front, US Energy Secretary Chris Wright stated the US prefers a peace deal but will secure freedom of navigation through the Strait of Hormuz without Iran's cooperation if necessary. Oil flows through Hormuz have recovered to about 7 million barrels per day (two-thirds of pre-conflict levels), but commercial shipping remains largely unwilling to transit. Separately, Netflix shares fell 8%+ after weak Q3 guidance, and the company will reduce viewing reports frequency. The dominant narrative is ESCALATING on the Iran conflict, with oil supply disruption risks persisting despite partial recovery in flows.