WS #5768

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 $5 per barrel. The Pentagon estimates six months to clear mines in the Strait, suggesting sustained oil price pressure. US officials indicate Trump is reluctant but may see military action as unavoidable. Separately, Meta confirms a 10% workforce cut (~8,000 jobs) in a push for efficiency, which could support margins but signals ongoing cost discipline. The DOJ Inspector General launches an investigation into Epstein files handling, adding political noise. European markets closed mixed with weak PMI data and German growth forecast halved due to the conflict. Blackstone reports record AUM of $1.3 trillion. ServiceNow and IBM results trigger a software selloff. Tesla stock dips after mixed Q1 results but Musk reveals plans to ramp up CapEx to over $25 billion for 2026. The EU approves a €90 billion loan to Ukraine. Warner Bros shareholders approve the $81.4 billion Paramount takeover.