WS #12523

The US-Iran conflict continues to escalate with new developments: Iran's Revolutionary Guards claim they have targeted a US Patriot air defense system in Bahrain's Riffa and a US radar/air defense system in Muharraq, and report two oil tankers caught fire after explosions in the southern Strait of Hormuz. Separately, the UKMTO reports a tanker hit by a projectile in the Strait of Hormuz. The US launched fresh strikes targeting Iranian military capabilities in the Strait of Hormuz. Houthi allies declared a maritime embargo against Saudi Arabia, threatening Bab el-Mandeb. These events keep oil prices elevated (Brent broke $90) and pressure risk assets. On the trade front, Trump imposed 50% tariffs on Canadian goods under Section 338, effective in 30 days, escalating trade tensions. In tech, Nvidia disclosed a 9.3% stake in Nebius Group, boosting Nebius after-hours. Samsung announced it will create a robotics division. Moonshot AI plans a Hong Kong IPO within six months, signaling continued AI investment. The House is poised to approve a $12B farmer bailout to offset losses from the Iran conflict and tariffs. The Paramount-Warner merger was halted by a 14-day TRO. The US-Iran conflict is ESCALATING, while the Canada tariff story is NEW and adds to trade uncertainty.