WS #5915
The Strait of Hormuz crisis continues to escalate with new developments: shipping traffic through the chokepoint is down 90%, and tankers are paying Iran $2M per crossing. The US has ordered strikes on Iranian small boats, and diplomatic talks between Iran and Pakistan ended without breakthrough. California's jet fuel supply has dropped to a three-year low, threatening flight cancellations. Separately, NVIDIA and Apple are reportedly planning to partially move chip production from TSMC to Intel by 2028, a significant shift in the semiconductor landscape. The Iran-US conflict remains the dominant macro theme, with energy prices likely to stay elevated.
Key developments
- Strait of Hormuz traffic down 90%; tankers pay Iran $2M per crossing
- US military ordered to strike Iranian small boats in Strait of Hormuz
- California jet fuel supply drops to 3-year low amid Middle East turmoil
- NVIDIA and Apple plan partial shift of chip production from TSMC to Intel by 2028
- Iran-Pakistan talks end without breakthrough on US deal