WS #5914

The Strait of Hormuz crisis continues to escalate, with S&P Global Vice Chairman Daniel Yergin calling it 'the biggest energy disruption we've ever seen.' This is corroborated by reports that damage to US military bases in the Persian Gulf was more extensive than publicly disclosed, and by concerns over fertiliser shipments threatening African food security. The crisis is driving oil prices higher and creating bullish tailwinds for energy stocks while pressuring sectors reliant on stable energy costs. Separately, the US is moving to reclassify marijuana, reshaping the $47 billion cannabis industry, which could boost cannabis-related stocks. Apple's CEO transition to John Ternus signals a renewed hardware focus, potentially impacting Apple's AI strategy. Bitcoin remains weak near $78,000, with analysts dismissing a drop to $40,000 as statistically unlikely.