WS #12443

The US-Iran conflict continues to escalate, with the US launching a ninth consecutive night of strikes on Iran and Iran retaliating with missile launches. A ship caught fire in the Strait of Hormuz, and Brent crude surged 3.3% to $90.97/barrel at the start of Asian trading. The dollar firmed as safe-haven demand rose. Multiple sources (BBC, GDELT, Reuters, Al Jazeera) corroborate the intensification of strikes and the Strait of Hormuz disruption. This is an escalation of the prior narrative. Separately, Foxconn won an estimated $52 billion AI server order from SpaceX, which is bullish for Foxconn and related tech supply chain stocks. Bitcoin reclaimed $65,000 briefly but crypto markets remain under pressure from tech selloff and rising oil prices. The dominant narrative is ESCALATING US-Iran conflict with oil and defense stocks likely to benefit, while airlines and consumer stocks face headwinds. The Foxconn-SpaceX order provides a counter-signal to the broader tech weakness narrative.