WS #12532

The US-Iran conflict continues to escalate with no diplomatic resolution in sight. Iran struck a US military base in Bahrain with Arash drones and claimed a strike on a US military complex in Jordan. The US conducted its 10th consecutive night of airstrikes on Iran. Strait of Hormuz transit collapsed 66% in a week to just 53 ship passages, effectively closing the world's most critical oil chokepoint. Oil prices remain elevated near $89, with Brent briefly above $90. Gold and silver rallied on safe-haven demand. Jamie Dimon warned markets are underestimating geopolitical risks and said he would not buy stocks or Treasuries at current prices. Germany announced a historic €800 billion borrowing for rearmament. Microsoft announced 4,800 job cuts. IBM stock plunged 25% on a Q2 revenue warning due to AI spending shift. Jefferies reiterated Buy ratings on Amazon and Microsoft. Bitcoin ETFs posted a five-day inflow streak, supporting BTC above $65,500. The dominant narrative is ESCALATING — no ceasefire progress, active military exchanges, and a de facto blockade of Hormuz.