WS #6569

The US-Iran conflict continues to escalate despite a nominal ceasefire, with Iran launching new drone and missile attacks on the UAE for a second consecutive day, hitting Fujairah port and oil infrastructure. The Strait of Hormuz remains effectively closed, with oil prices surging 57% since the conflict began and Brent at $114/barrel. The EU's energy commissioner warned this could become the most severe energy crisis in history. Trump made contradictory statements, claiming Iran wants a deal while also alleging 42,000 casualties in Iran. Chevron's CEO warned physical oil supply shortages are materializing. Diamondback sees 10% more Permian oil rigs by year-end. Separately, Intel continues its meteoric rise, now worth more than Oracle, driven by Apple partnership talks. GameStop made a $56B bid to buy eBay. Anthropic CEO warned individual SaaS companies may go bust from AI disruption. Berkshire Hathaway named Charlie Shamieh as successor to insurance chief Ajit Jain. The Romanian leu hit an all-time low against the euro as the government fell. UK 30-year bond yields hit highest since 1998.