WS #6525

The Iran-US ceasefire has effectively collapsed, with multiple sources reporting Iranian drone and missile strikes on the UAE, including a fire at an oil facility in Fujairah. The US military has launched 'Project Freedom' to reopen the Strait of Hormuz, sinking six Iranian boats and intercepting missiles. This escalation is driving a sharp spike in oil prices (Brent +5.8% to $114.44, WTI +4.36% to $106.42) and risk-off sentiment in equities. The situation is escalating rapidly, with no de-escalation signals. Separately, after-hours earnings are driving significant moves: Pinterest (PINS) surged 15% on strong Q1 results and upbeat Q2 guidance; Duolingo (DUOL) fell 13% on weak user metrics; Palantir (PLTR) beat estimates but shares were muted. FIS stock jumped 7.3% on news of an AI partnership with Anthropic. The SEC settled with Elon Musk for $1.5M over Twitter disclosure, a minor development. The Iran crisis is the dominant macro factor, likely to overshadow earnings reactions in the next session.