WS #8402
The US-Iran conflict has escalated sharply with fresh US defensive strikes on an Iranian military facility near Bandar Abbas, followed by IRGC retaliation claiming a strike on a US base in Kuwait. This has triggered a broad risk-off move: Bitcoin broke below $73,000 with nearly $1 billion in crypto liquidations (93% longs), oil prices surged above $90, Brent at $103, and Asian shares declined. The Pentagon is also reportedly preparing for possible action against Cuba, adding another geopolitical front. In corporate news, LG Energy Solution surged 16% on a $1.6 billion US battery storage deal, and the Trump administration is considering taking ownership stakes in US drone makers. Chip stocks continue their AI-driven rally, with the Philadelphia Semiconductor Index up 75% in 2026. The dominant theme is ESCALATING US-Iran conflict with direct military exchanges, amplifying oil, defense, and inflation concerns, while risk assets sell off.
Key developments
- US strikes on Iran near Strait of Hormuz; IRGC retaliates claiming strike on US base in Kuwait
- Pentagon reportedly mobilizes for possible action against Cuba
- Bitcoin drops below $73k; nearly $1B in crypto liquidations
- LG Energy Solution shares surge 16% on $1.6B US battery storage deal
- Trump administration considers taking ownership stakes in US drone makers
- Chip stocks rally on AI demand; Philadelphia Semiconductor Index up 75% in 2026