WS #6587

The US-Iran ceasefire is deteriorating rapidly, with multiple sources reporting new Iranian missile strikes on the UAE, US destruction of Iranian fast boats, and 10 civilian sailors killed in the Strait of Hormuz. The Guardian, BBC, and multiple Reuters-sourced Bluesky posts corroborate a significant escalation despite the US insisting the truce holds. This marks a clear ESCALATION from the previous stable narrative. Separately, Micron (MU) surged 12% past $700B market cap on SSD shipping news, a strong positive signal for the memory/AI trade. CME Group announced Bitcoin volatility futures launching June 1, a new regulated crypto product. Ken Griffin warned prolonged Hormuz closure could spark global recession, adding macro downside risk. The Russia-Ukraine conflict also saw a major development: Russia's Kirishi oil refinery halted operations after a Ukrainian drone attack, per Reuters, which could tighten global fuel supplies.