WS #12453

The US-Iran conflict continues to escalate, with Brent crude crossing $90/barrel as Iran strikes a tanker in the Strait of Hormuz. This is a significant escalation (ESCALATING) that is bullish for energy and defense, bearish for risk assets and airlines. Separately, Alibaba's new Qwen AI model threatens global rivals, sending its stock higher. China's loan prime rates were unchanged, as expected. The UK's Andy Burnham becomes PM on Monday, but no new market-moving policy details emerged. Bitcoin remains flat near $64,000, with oil-driven inflation concerns pressuring risk assets. The dominant narrative remains the escalating US-Iran conflict and its impact on oil prices.