WS #13747

The dominant theme remains the escalating US-Iran/Strait of Hormuz conflict, with Iran's Revolutionary Guards formally reiterating that the Strait will not reopen until the US meets all demands, including war reparations, lifting sanctions, and military withdrawal. This is corroborated by multiple sources (AFP, Al-Monitor, Times of Suriname, Padovanews, APA). Additionally, reports indicate Israel has informed CENTCOM it is preparing to start a war with Iran without US approval, and Iran expects a surprise Israeli attack, further escalating tensions. Houthi drone strikes on Saudi Aramco's Jizan facility and the Mokha port continue, targeting Saudi oil infrastructure. These developments are likely to keep oil prices elevated, supporting energy stocks (XOM, CVX) while pressuring airlines (DAL, UAL) and consumer discretionary. In a separate but significant development, Apple is testing CXMT memory chips for iPhones and MacBooks, a move to bypass the memory 'cartel' pricing, which could pressure Micron and SK Hynix while potentially easing Apple's cost pressures. Berkshire Hathaway's accelerated buybacks and $10B addition to Alphabet signals confidence in tech mega-caps, a bullish counter to the AI-selloff narrative. The Senate's Clarity Act procedural vote filing is a positive for crypto, though the bill's passage remains uncertain.