WS #12462

The US-Iran conflict continues to escalate sharply, with the US launching a ninth consecutive night of strikes against Iran after three US service members were killed. Iran has retaliated by targeting vessels in the Strait of Hormuz, causing two oil tankers to explode and bringing traffic through the strait to a near standstill. Brent crude prices have pushed above $90 a barrel, and US gasoline prices have topped $4/gallon nationwide, up 30% since the conflict escalated. The IRGC has warned the strait will not be safe for oil transit as long as US strikes continue. This is a significant escalation from the previous window, where casualties were reported but the strait was not yet effectively closed. The dominant theme is ESCALATING geopolitical risk with direct oil supply disruption. Separately, Ryanair reported a 34% drop in pre-tax profits due to soaring jet fuel costs and consumer hesitancy, warning that summer fares will be lower than last year. Domino's Pizza missed Q2 EPS estimates ($4.07 vs $4.20), though revenue beat slightly. Alibaba launched its Qwen3.8 AI model with 2.4T parameters, claiming it is second only to Anthropic's Fable 5, and BABA stock jumped 4% premarket. The EU imposed a €550m fine on AliExpress for selling illegal and counterfeit products. Boeing secured a 100-plane 737 MAX order from SMBC Aviation Capital at the Farnborough Airshow, but the CEO pushed next-gen single-aisle jet to the next decade. Micron (MU) stock jumped 4% premarket as investors return to chip stocks. The UK will appoint Andy Burnham as prime minister today, with plans to fast-track North Sea oil and gas exploration, though he is likely to maintain the ban on new licenses. Citi sees more than 50% upside in Kospi, citing record-low valuation. Cross-chain protocol Allbridge halted after a $1.65 million flash loan exploit.