WS #6570

The US-Iran conflict is escalating sharply, with Iran launching a second consecutive day of missile and drone attacks on the UAE, targeting Fujairah port and oil infrastructure. The Strait of Hormuz remains effectively closed, and oil prices have surged over 50% since the conflict began, with 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. Iraq is offering huge discounts for crude shipments via Hormuz, indicating severe disruption. Separately, Intel continues its meteoric rise, hitting a new record high and now worth more than Oracle, driven by Apple partnership talks. The Romanian leu hit an all-time low against the euro as the government fell. UK 30-year bond yields hit highest since 1998. The dominant theme is ESCALATING geopolitical risk in the Middle East, with oil supply disruption deepening.