WS #6590

The dominant theme remains the escalating Strait of Hormuz crisis, with new developments in the last 30 minutes. UKMTO reported a cargo vessel struck by an unknown projectile in the Strait of Hormuz, and a second US-flagged chemical tanker (CS Anthem) is exiting the strait. Iran announced a 'Persian Gulf Strait Authority' requiring ships to obtain transit authorization, escalating the legal framework for control. Rubio stated the US wants Iranians to be able to fight back against the regime, and that Taiwan will be a topic in Trump-Xi talks next week. Oil prices slipped on the ceasefire narrative but remain tense. Coinbase announced a 14% workforce reduction (~700 positions), which is negative for COIN and crypto sentiment. Amazon announced a €15B investment in France, creating 7,000 jobs, positive for AMZN. Apple is reportedly planning to allow third-party AI models in iOS 27, which could benefit GOOGL and others. The macro narrative is ESCALATING geopolitical risk in the Middle East, with oil elevated, benefiting energy stocks but pressuring airlines and consumer discretionary. The new Hormuz incident and Iran's authority framework are escalatory, while the US 'Project Freedom' claims progress. The dominant theme is ESCALATING.