WS #9541

The US-Iran conflict continues to escalate, with Iran retaliating against US targets and the Strait of Hormuz reportedly fully closed again, pushing oil prices toward $94. This is corroborated by multiple sources including Bloomberg, BBC, and social media posts. The Kremlin has called for restraint, but no de-escalation is evident. Oracle (ORCL) shares tumbled ~8% premarket after forecasting higher capex and a step-down in gross margin for fiscal 2027, a significant negative signal for the tech sector. OpenAI has confidentially filed for an IPO, adding to the megacap tech listing narrative alongside SpaceX. Navan (NAVN) surged 19.6% on strong Q1 results and raised guidance, a positive counter-signal in the otherwise cautious market. Citigroup closed its long Turkish lira position, citing Iran conflict-driven inflation risks, which is bearish for Turkish assets. The dominant theme is geopolitical escalation, with oil and energy stocks likely to benefit while broader equities face headwinds.