WS #6804

The dominant theme remains the escalating US-Iran military confrontation in the Strait of Hormuz, which is now in an active escalation phase. Multiple sources (Fars, SmartNews, EuropeSays, Bluesky) report sporadic clashes between Iranian forces and US Navy vessels, with US CENTCOM confirming strikes on two empty Iranian oil tankers. This marks a clear escalation from the previous window's sporadic clashes. Oil prices continue to rise: WTI at $95.71 (+0.95%), Brent at $101.6 (+1.49%), with a Polymarket market on WTI closing above $97 today. The crisis is driving Japanese companies to secure credit lines at a record pace and Japan buying 20M barrels of UAE oil to bypass the blockade. Separately, Nvidia (NVDA) hit a new all-time high, adding $103B in market cap this morning, contradicting any macro risk-off narrative. HubSpot (HUBS) remains at 52-week lows after BofA double-downgrade. The Virginia Supreme Court struck down a redistricting referendum, a political development with potential midterm implications but limited direct market impact. UK borrowing costs fell and the pound rose on Starmer's vow to remain PM, easing political uncertainty. Pharma stocks are trading lower on reports that HHS Secretary Kennedy is exploring a ban on widely used antidepressants. The US-Iran situation is ESCALATING, while the UK political uncertainty is DE-ESCALATING.