WS #6533
The US-Iran conflict has escalated dramatically in the last hour, with Iran launching missile and drone strikes on the UAE's Fujairah oil port and vessels in the Strait of Hormuz, directly challenging Trump's 'Project Freedom' operation to reopen the waterway. The US military responded by destroying six Iranian boats and intercepting missiles, while Trump rejected an Iranian peace proposal and described the aggression as a 'mini-war'. Brent crude surged 5.8% to $114.44/barrel, and US equities fell sharply (Dow -557 pts, S&P 500 -0.4%) as the ceasefire collapsed. The IMF warned of severe global economic damage if oil reaches $125/barrel and the conflict persists into 2027. This represents a major escalation from the previous stalemate, with direct attacks on a US ally's critical energy infrastructure and active US-Iranian naval engagement.
Key developments
- Iran strikes UAE oil port and vessels in Strait of Hormuz, US destroys Iranian boats
- Brent crude surges 5.8% to $114.44 as Iran attacks threaten oil supply
- US markets fall sharply: Dow drops 557 pts, S&P 500 off record high on Middle East worries
- IMF warns of severe global damage if Iran war continues to 2027 with oil at $125
- Trump rejects Iran peace proposal, calls conflict a 'mini-war'
- Palantir Q1 revenue surges 85% to $1.63B, raises full-year guidance
- Pinterest forecasts upbeat Q2 revenue, shares surge 15% after hours
- Amazon opens logistics network to all businesses, competing with FedEx/UPS