WS #6914

The dominant theme remains the Iran-US confrontation, which is ESCALATING. Multiple sources (Bluesky posts, GDELT, CNBC) report that US military strikes on Iranian oil tankers in the Strait of Hormuz have occurred, with Iran's Revolutionary Guards warning of violent retaliation. The Strait of Hormuz closure has caused the biggest oil supply disruption in history, with 20% of global supply disrupted for nine days, according to Rapidan Energy. Oil prices have surged above $100/bbl. The US Treasury announced sanctions on 10 individuals/companies (including in China/Hong Kong) for aiding Iran's drone and missile programs. Separately, Israeli airstrikes killed at least 13 in Lebanon, marking a major escalation since the ceasefire with Hezbollah. Tesla recalls (173 Cybertrucks, 200K other models) are notable but routine for the stock. A Brazilian Supreme Court judge barred a law that could reduce Bolsonaro's prison sentence, a political development with limited direct US market impact. The overall Iran-US narrative is ESCALATING with new military action and sanctions.