WS #7156

The Iran/Strait of Hormuz crisis continues to escalate, with multiple sources corroborating that Iran has restored 30 of 33 missile launch sites along the Strait and retains 70% of its prewar missile stockpile, contradicting earlier claims of degradation. Trump stated the Iran ceasefire is on 'massive life support,' and the Pentagon disclosed the war has cost $29 billion. US inflation jumped to 3.8% due to energy costs from the Iran war, as reported by BBC and Bloomberg. Oil prices remain elevated with Brent at $107.8 (+3.42%). Separately, Cerebras Systems is guiding its IPO above the marketed range, signaling strong demand for AI chips. JPMorgan filed for an Ethereum tokenized money market fund, following BlackRock's lead. The overall narrative is one of escalation in the Middle East conflict, with second-order effects on inflation, energy, and commodities. In this window, the key new development is the UAE's joint attack on Iran alongside Israel, confirmed by Bloomberg, marking the first time an Arab country has directly struck another Muslim nation alongside Israel. This represents a significant escalation and could further destabilize the region. Additionally, Goldman Sachs sees dollar strength as the energy shock keeps rates high, and gold holds its decline as US inflation lowers rate cut odds. On the positive side, the S&P 500 reached a new all-time high, and NVDA and AAPL hit record highs, suggesting that tech and AI momentum may be decoupling from macro headwinds. Cerebras Systems guiding its IPO above range and JPMorgan's Ethereum tokenized money market fund filing also signal continued institutional interest in AI and crypto.