WS #12432

The US-Iran conflict continues to escalate, with oil prices jumping 2% as attacks intensify. A US service member was killed in Iraq, bringing the death toll to 17. Iran launched ballistic missiles targeting military sites across Bahrain, Jordan, Kuwait, and Iraq, with air defense activity reported over Bahrain. The Strait of Hormuz is effectively shut, and oil is up more than 10% on the week. Iraq is using truck fleets to reroute fuel oil through Syria, transforming it into a major export hub. Ukrainian drone strikes on Russian oil tankers at the CPC terminal and on oil facilities in southern Russia add to energy supply concerns. The UN nuclear watchdog called for restraint after Iran said the US attacked an under-construction nuclear plant. S&P 500 futures are flat, Nasdaq futures up 0.1%, but the geopolitical risk premium on oil is likely to pressure equities. In corporate news, Trump Media settled legal disputes, and Netflix paid $587M for Ben Affleck's AI filmmaking startup. Apple has sued OpenAI for trade secret theft, potentially delaying OpenAI's hardware plans and IPO. PayPal rejected a $60.50/share takeover offer from Stripe and Advent. The dominant narrative is the escalating US-Iran conflict, which is driving oil prices higher and pressuring equity markets, particularly tech and AI stocks.