WS #8898

The Iran-US conflict has escalated dramatically in this window, with confirmed Iranian missile and drone attacks on Kuwait and Bahrain, including a strike on Kuwait International Airport causing casualties. This is corroborated by multiple sources (Al Jazeera, CNBC, Bloomberg, social media, CENTCOM). Brent crude has jumped 7% to $97.4/bbl and WTI 8% to $94.47 on the new escalation. The US Navy struck an oil tanker bound for Iran's Kharg Island, and the US is enforcing a blockade. Kuwait has expelled Iranian diplomats. This represents a clear ESCALATION from the prior window's narrative. Counter-signal: The US has notified NATO of 'rightsizing' its military contributions, but this does not offset the immediate attack. Separately, SpaceX IPO pricing at $135/share ($75B size) is a major development for tech and crypto sentiment. ADP data showed the strongest private payrolls since Jan 2025, which could reduce Fed rate cut odds. Bitcoin remains under pressure near $67k, testing February lows. The dominant theme is the Iran conflict ESCALATING, with oil prices surging and risk assets under pressure.