WS #9277
The Israel-Iran conflict continues to escalate, with fresh Iranian missile salvos targeting Israel and Israeli air defenses engaging ballistic missiles. This is corroborated by multiple sources (Bluesky, Bloomberg, FT), indicating an ESCALATION of the conflict. The drone strike on Novorossiysk oil facility is also confirmed by multiple sources, adding to oil supply disruption. Meanwhile, the Philippines earthquake aftermath is being reported with rising casualties (15 dead, 130 injured). The Nikkei 225 fell 3.74%, and South Korea led an Asia stock rout on US rate fears and Mideast tensions. OPEC+ decided to add 188,000 barrels/day despite Middle East disruption, which may partially offset oil supply fears but is insufficient given the scale of disruption. Strait of Hormuz transit fees have risen to $2 million per vessel, a significant increase that will impact shipping costs and oil prices. The NVIDIA CEO's comment that the tech sell-off is a buying opportunity is a notable counter-signal to the prevailing risk-off sentiment. Additionally, NATO shot down a drone in Latvian airspace, and Latvia issued an air threat alert along the Russian border, indicating a potential expansion of the conflict zone.
Key developments
- Iran fires fresh missile salvos at Israel; Israeli air defenses engage
- Drone strikes hit Novorossiysk oil terminal and Crimea oil depots
- Strait of Hormuz transit fees rise to $2 million per vessel
- NATO shoots down drone in Latvian airspace; Latvia issues air threat alert
- Philippines earthquake kills 15, injures 130; tsunami warnings issued
- Nikkei 225 falls 3.74%; South Korea leads Asia stock rout
- OPEC+ adds 188,000 bpd despite Middle East disruption
- NVIDIA CEO says tech sell-off is a buying opportunity