WS #12517

The US-Iran conflict continues to escalate, with the Strait of Hormuz under severe threat. A second oil tanker (Dynacom-managed VLCC Acheloos) was reportedly hit, and a product tanker (Kavomaleas) was struck, abandoned, and remains adrift and burning. The US launched new airstrikes on Imam Ali Air Base in Chabahar, Iran, and has conducted 10 straight nights of strikes to reopen the Strait. The Houthis have announced a naval blockade against Saudi Arabia. Oil prices remain elevated (Brent $89.22, WTI $83.23), and the situation is escalating further, with Polymarket showing active trading on Strait of Hormuz traffic normalization and ceasefire bets. Separately, Trump signed a proclamation imposing 50% tariffs on most Canadian goods (excluding energy, potash, fish, critical minerals), effective in 30 days, escalating trade tensions. In corporate news, Nvidia disclosed a 9.3% stake in Nebius (NBIS), sending shares up 2.5% after hours. A federal judge ordered a temporary halt to the Paramount-Warner Bros. Discovery merger for at least two weeks, impacting IMAX and Paramount stocks. The dominant narrative is ESCALATING on the geopolitical front, while trade war risks also intensify.