WS #12497

The US-Iran conflict continues to escalate with Iran launching ballistic missiles at Jordan and Houthis declaring a Red Sea blockade, corroborated by multiple sources including Washington Post and NYT. A US official reports that Middle East operations are limiting military surge capacity. Air France suspends flights to Riyadh and Dubai. Counter-signal: Yemen's Saudi-backed presidential council says it will work on resuming oil exports starting Monday, which could partially offset supply disruption fears. Separately, a US judge has paused Paramount's $110bn Warner Bros acquisition, sending Paramount Skydance stock to 52-week lows. Micron is spiking on UBS projection of >40% share repurchase by 2028. Microsoft announces partnership with AMD for AI infrastructure, boosting AMD's competitive position against Nvidia. The US-Iran conflict is ESCALATING, while AI infrastructure narrative is STABLE with positive signals.