WS #14087

The US-Iran/Hormuz crisis continues to escalate, with multiple sources confirming new attacks on ADNOC tankers and a near-standstill in Hormuz traffic. The US Treasury Secretary threatens unprecedented economic isolation of Iran, while the UAE, Saudi Arabia, and the Arab League condemn the attacks. Oil prices remain elevated, with WTI around $81.5 and Brent near $87.7, and Asian refiners are shifting to US crude. This reinforces bullish energy (XOM, CVX, MPC) and bearish airlines (DAL, UAL) and shipping (MATX). No de-escalation signals emerged; the narrative is ESCALATING. Separately, the drone tariff proclamation is driving domestic drone makers (UMAC, RCAT, ONDS) sharply higher, with UMAC up 22.7%. The SEC's delay on tokenization exemption is pressuring crypto-related stocks (COIN, CRCL, UNI). Apple's China AI model development with Alibaba continues to support AAPL. Applied Materials' post-earnings drop persists, signaling peak-cycle concerns in semis. Reddit's S&P 500 inclusion is confirmed, driving a 14% rally. The Bezos-led Liverpool stake is confirmed across multiple sources, but has limited direct US market impact.