WS #12446

The US-Iran conflict continues to escalate sharply, with the US launching a ninth consecutive night of strikes on Iran, confirmed by CENTCOM and reported by multiple sources including Al Jazeera, The Guardian, and Reuters. Iran's IRGC claims to have attacked two oil tankers in the Strait of Hormuz, and a ship fire was reported in the strait. Brent crude has broken above $90/barrel, up ~2.5%, and oil gapped higher at the open. The dominant narrative is ESCALATING, with no signs of de-escalation. Separately, China's CSI300 index is up 2%, likely extending the prior session's rally on state-backed buying. Samsung Biologics announced a $1.8 billion all-cash bid for PolyPeptide Group, expanding into GLP-1 obesity drugs. Tesla plans to increase production at its German factory and hire 3,500 workers, signaling strong EV demand. IBM is flagged as having missed earnings and facing AI problems, a negative signal for the stock. Bitcoin and crypto markets remain flat amid the geopolitical tensions.