WS #5770

The Iran-US conflict in the Strait of Hormuz escalates further, with Iran's IRGC commandos boarding cargo vessels and air defenses activated in Tehran. The UK prepares to deploy RAF Typhoons to keep the strait open, while Trump orders the US Navy to destroy any vessels laying mines. Oil prices continue to surge, with WTI up ~4.9% and Brent up ~4.5%, as the blockade threatens ~20% of global crude flows. This geopolitical risk is driving a risk-off tone in equities, with SPY down 0.67% and VIX testing 20, while energy stocks benefit. Separately, Meta confirms an 8,000-job cut (~10% workforce) as part of an efficiency push amid AI spending, while OpenAI announces GPT-5.5, which could intensify AI competition and impact AI-related stocks. The EU approves a €90 billion loan to Ukraine after Hungary lifts its veto, and the Warner Bros.-Paramount merger receives shareholder approval, a key milestone. The DOJ Inspector General launches a major investigation into Epstein files handling, adding political noise.