WS #9537

The US-Iran conflict continues to ESCALATE, with Iran announcing a full shutdown of the Strait of Hormuz following US strikes in southern Iran, and Tehran warning it will target any oil tanker or commercial vessel attempting to pass. This is corroborated by multiple sources (BBC, Al Jazeera, Bloomberg, and social media). The IAEA passed a resolution demanding Iran provide complete information on its enriched uranium stocks, adding diplomatic pressure. However, a counter-signal emerged: CNN reports that US-Iran talks are still on track, which could dampen the bearish oil thesis. Oil supply disruption fears are heightened by the Hormuz closure and a drone strike on Russia's Afipsky oil refinery. On the corporate front, Hugo Boss surged on a $2.7B takeover offer from Frasers Group, and CoreWeave announced a $3.5B notes offering. Tesla won regulatory clearance for FSD in Belgium and Denmark, a positive for TSLA. The dominant theme is US-Iran conflict ESCALATING, with oil prices likely to spike, but the possibility of ongoing talks provides a counter-narrative.