WS #12613

The US-Iran conflict continues to escalate, with the US conducting its 11th consecutive night of airstrikes on Iran and Iran retaliating by firing missiles toward Jordan. The Strait of Hormuz and Bab al-Mandeb straits are effectively closed, disrupting global oil trade. Oil prices jumped above $92, and Brent crude is above $90. The US Defense Secretary reported the war has cost $37.5 billion so far and is seeking an additional $87.6 billion. Pakistan warned of potential military action against Houthis if they attack Pakistani vessels. Russia's Lavrov and Rubio have agreed to meet tomorrow, offering a potential diplomatic off-ramp. Separately, South Korea's KOSPI plunged 8% triggering a circuit breaker halt. Trump announced a 100% tariff on imported generic drugs starting August 2028. The dominant theme is the US-Iran conflict, which is ESCALATING, with oil prices rising and diplomatic channels appearing stalled. The Lavrov-Rubio meeting is a potential counter-signal to the escalation narrative.