WS #8901
The Iran-US conflict continues to escalate with multiple corroborated reports of Iranian drone strikes on Kuwait International Airport, causing casualties and damage. Trump confirmed the US will maintain the Strait of Hormuz blockade, with comments suggesting it may last until Labor Day. Oil prices surged: WTI at $96.13 (+2.5%), Brent at $98.19 (+2.3%). Counter-signal: Ukraine struck a St. Petersburg oil terminal, and Zelenskiy signaled readiness for direct talks with Putin, potentially de-escalating the Russia-Ukraine front. The US proposed tariffs of at least 10% on most imports after a forced-labor probe. Google parent Alphabet sold $35B in equity this week, bringing total fundraising to $85B, which could pressure GOOGL shares. Anthropic confidentially submitted a draft S-1 for IPO. ISM Services PMI came in at 54.5% vs 53.7% est., indicating continued expansion but with elevated prices (71.3). Blackstone led a private equity selloff after Partners Group redemption limits. The dominant theme is the Iran conflict ESCALATING, with oil prices surging and risk assets under pressure, but a potential Ukraine-Russia de-escalation offers a partial counter.
Key developments
- Iranian drone strikes hit Kuwait International Airport, killing one and injuring dozens
- Trump says US will maintain Strait of Hormuz blockade, possibly until Labor Day
- Ukraine strikes St. Petersburg oil terminal; Zelenskiy signals readiness for direct talks with Putin
- US proposes tariffs of at least 10% on most imports after forced-labor probe
- Google parent Alphabet sold $35B in equity this week, bringing total fundraising to $85B
- Anthropic confidentially submits draft S-1 for proposed IPO
- ISM Services PMI for May at 54.5% vs 53.7% est., Prices Index at 71.3
- Blackstone leads private equity selloff after Partners Group redemption limits