WS #9247

A major escalation in the Iran-Israel conflict dominates the window. Multiple sources confirm Iran has launched missile barrages at Israel for the first time since the April ceasefire, striking targets including Tabriz, Kermanshah, and Ramat David airbase. Iran's foreign ministry frames the strikes as 'defensive' retaliation for Israeli violations in Lebanon. Israel has closed crossings into Gaza and the US Embassy in Jerusalem ordered shelter-in-place. Trump spoke with Netanyahu, pushing restraint, and the US is urging de-escalation. This represents a sharp escalation from the previously stable narrative. Oil prices are likely to spike on supply disruption fears, with Strait of Hormuz traffic and Iranian airspace closure bets surging on Polymarket. The macro risk-off move will pressure equities, particularly airlines and consumer stocks, while energy and defense names benefit. The MAG7 carve-out: no contradicting signals within this window, but the broader tech selloff narrative is reinforced.