WS #13040

The US-Iran conflict continues to escalate with fresh developments: Iran launched ballistic missiles at a US base in Jordan, and a US airstrike on Iran's Qeshm Island killed three people. Brent crude surged above $92/bbl, and US crude hit a session high of $85.39/bbl. Iran signaled it can disrupt global energy routes beyond the Persian Gulf, including a drone strike on a US LNG tanker in Egypt. Ukraine struck Russia's Tamanneftegaz oil export terminal on the Black Sea, causing significant fires. Shell reported Q2 adjusted earnings of $9.84B, beating estimates, and announced a $3B share buyback. Stellantis reported Q2 revenue of €43.48B, up 13% YoY, and reaffirmed FY2026 guidance. Air France-KLM reported Q2 adjusted operating profit of €484M, with fuel headwind partially offset by unit revenue. The dominant narrative is ESCALATING geopolitical risk, with oil prices rising sharply and multiple conflict fronts widening.