WS #12614

The US-Iran conflict continues to escalate, with the US conducting its 11th consecutive night of airstrikes and Iran retaliating against US bases. Oil prices surged, with Brent crude rising above $95/barrel (up ~4.86% on the day) and WTI above $88, marking the highest levels since June 11. The Strait of Hormuz and Bab al-Mandeb remain effectively closed, disrupting global oil trade. Multiple sources (Reuters, NYT, Al Jazeera, BBC) corroborate the escalation, including reports of explosions in the Iranian port city of Sirikh and destruction of a US radar in Kuwait. The war cost has reached $37.5 billion, with an additional $87.6 billion requested. Separately, Trump approved a landmark nuclear deal with Saudi Arabia, allowing uranium enrichment, which could reshape Middle East dynamics. On the corporate front, NVIDIA's Jensen Huang defended Chinese AI amid the Kimi panic, while Alibaba secured a deal to integrate its Qwen AI into Apple's China devices. Repligen announced a $1.5B acquisition of BioLife Solutions. OTIS reported in-line EPS but lowered FY guidance. TE Connectivity beat estimates and raised Q4 outlook. Cal-Maine Foods missed badly on earnings. Monday.com announced a 20% headcount reduction. The dominant theme is the US-Iran conflict, which is ESCALATING, with oil prices rising and diplomatic channels appearing stalled. The Lavrov-Rubio meeting (from prior awareness) remains a potential counter-signal but no new details emerged.