WS #12504

The dominant signal in this window is the continued escalation of US-Iran military hostilities, now entering a 10th consecutive night of strikes. CENTCOM confirmed a new round of strikes began at 4pm ET, targeting Bandar Abbas and Bushehr, with Iran's air defense systems activated near the Bushehr nuclear plant. The Houthis have declared a maritime embargo against Saudi Arabia, effectively closing the Bab al-Mandab Strait, and the Saudi-led coalition has vowed to respond with force. A UK Navy vessel was struck by an unknown projectile near Dibba, UAE. The US Strategic Petroleum Reserve has hit its lowest level since 1983, compounding oil supply fears. This is a clear escalation from the previous narrative, now directly threatening global oil supply routes. Separately, a federal judge issued a temporary restraining order against the Paramount-Warner Bros. merger, pausing the $110bn deal. On the earnings front, Crown Holdings (CCK) reported a strong beat and raised guidance, while Zions Bancorp (ZION) also beat estimates significantly. Steel Dynamics (STLD) reported mixed results with an EPS miss but revenue beat. Insider selling at Datadog (DDOG) and Snowflake (SNOW) is notable. The UK cabinet reshuffle under new PM Burnham is ongoing but has limited direct market impact. The overall narrative arc is ESCALATING for the US-Iran conflict, with oil supply risks intensifying.