WS #13207

The dominant market-moving theme is a sharp escalation in US-Iran tensions, with multiple sources reporting that the US and Israel are planning a major bombing campaign against Iran's energy infrastructure as early as this weekend. This is corroborated by a WSJ report of Trump ordering a new offensive, a CBS News report of a planned massive attack, and a US official's statement of increased Iranian aggression. Concurrently, an LNG tanker (Gaslog Shanghai) was attacked in the Strait of Hormuz, and Iran's IRGC claims to have stopped two oil tankers, with oil prices already above $90/barrel. This escalation is bearish for global equities and bullish for oil, gold, and defense. However, counter-signals exist: Iraq and Turkey struck a 1-year oil pipeline deal to boost exports during Hormuz closures, and the Houthis said they won't impose fees on Red Sea transits, partially offsetting supply disruption fears. In tech, Apple's post-earnings slump (worst single-day sell-off since 2013) contrasts with Microsoft's rally, and a prominent analyst warns of an AI bubble, pressuring the sector. The narrative arc is ESCALATING on the Iran front, with no de-escalation signals in this window.