WS #8449

The dominant signal in this window is a sharp escalation in US-Iran military hostilities, with multiple sources reporting Iranian ballistic missile launches from Bandar Abbas and IRGC anti-ship missiles directed at US warships. This directly contradicts the prior de-escalation narrative from ceasefire talks and represents a significant escalation in the Strait of Hormuz crisis. The blockade has removed ~13 million barrels per day of global oil supply, per multiple sources, which is a massive supply shock. Chevron's CEO warns oil prices will jump over summer as supplies dwindle. Separately, Anthropic's $65B raise at a $965B valuation reinforces the AI investment theme, while earnings beats from NetApp and Okta provide positive tech signals. The narrative arc is: US-Iran military conflict is ESCALATING sharply, oil supply crisis is ESCALATING, and AI investment theme is STABLE.