WS #9540

The US-Iran conflict is ESCALATING sharply, with multiple sources reporting a second wave of US strikes on southern Iran after a helicopter downing, and Iran retaliating with drone attacks on the US Fifth Fleet in Bahrain. This contradicts the prior 'de-escalation' narrative from the 'completed strikes' headline. Oil infrastructure is being hit: an Iranian drone destroyed an Erbil oil refinery, and Ukrainian drone strikes halted Russia's Kuibyshev oil refinery. Brent crude is above $95/barrel. The SpaceX IPO (ticker SPCX) is the dominant corporate event, with the listing price expected Thursday and trading Friday, aiming to raise $75B. BlackRock is launching an income-paying bitcoin ETF (BITA) at a 0.65% fee, undercutting rivals. Navan (NAVN) surged ~20% on strong Q1 results and raised guidance. Goldman Sachs upgraded EDPR to Buy on US renewables outlook. Asia-Pacific stocks fell to three-week lows on AI bubble fears and US-Iran strikes. The US resolved a legal dispute with Turkey over a state bank ahead of Trump's visit, a positive for Turkish assets.