WS #5911

The Strait of Hormuz crisis escalates with new reports of damage to US military bases from Iranian attacks exceeding prior assessments, including strikes from an Iranian F-5 fighter jet. Iran's Foreign Minister rejects US 'maximalist demands' in negotiations. Separately, a leaked Pentagon memo suggests Trump may reverse US policy on the Falkland Islands to pressure the UK over Hormuz, adding geopolitical complexity. These developments reinforce bullish oil and energy sector signals, while bearish for airlines and shipping. Other items are noise: routine market recaps, unrelated news, and social media posts.