WS #6780

The dominant narrative remains the escalating US-Iran conflict, with new developments in the last 30 minutes: Trump announced US military strikes against Iran after American destroyers were targeted in the Strait of Hormuz, and oil prices climbed above $100/barrel. This is corroborated by multiple sources (Al Jazeera, CNBC, and social media). The situation is ESCALATING. Additionally, Trump threatened to 'nuke Iran' if no ceasefire is reached, further raising geopolitical risk. On the corporate side, Cloudflare (NET) beat earnings but fell on weak guidance and job cuts; Tesla (TSLA) recalled Cybertrucks due to wheel detachment risk; and Taiwan Semiconductor (TSM) reported strong April sales (+17.5% Y/Y). UK local elections show Labour losing over 250 councillors, with Reform UK gaining nearly 400 seats, signaling political shift. The S&P 500 call options volume surged to a record $2.6 trillion notional, indicating speculative froth. The US-Iran escalation is the primary market mover, with oil above $100 impacting energy, airlines, and consumer sectors.