WS #5767

The Iran-US conflict in the Strait of Hormuz escalates sharply, with multiple sources reporting air defenses activated in Tehran and crude oil futures rising over $3 per barrel. The IEA warns of the biggest energy security threat in history, with 13 million barrels of daily supply lost. Oil prices remain elevated near $100/barrel, and the Strait of Hormuz is effectively paralyzed with over 320 tankers stranded. This is escalating the previous situation. Separately, Meta announces a 10% job cut in a push for efficiency, which could impact sentiment on tech stocks. Tesla stock dips after mixed Q1 results, but Musk reveals plans to ramp up CapEx to over $25 billion for 2026. Southwest Airlines shares fall after worse-than-expected Q1 results and weak Q2 guidance. Microsoft shares tumble after outlining major overseas AI infrastructure push and near-term spending. Super Micro (SMCI) shares fall 6.8% after losing a significant Oracle contract worth $1.1-$1.4 billion due to legal issues. The EU approves a €90 billion loan to Ukraine, which could provide a positive backdrop for European markets. Warner Bros shareholders approve the $81.4 billion Paramount takeover, a major media consolidation.