WS #8881

The dominant signal in this window is the continued escalation of the Iran-US conflict, with new attacks and counterattacks. Iran launched drones and missiles at US forces in Kuwait and Bahrain, while the US struck Iran's Qeshm Island and an oil tanker bound for an Iranian port. Brent crude is up 3.0% in 24 hours, and Strait of Hormuz traffic remains disrupted. Separately, the St. Petersburg Oil Terminal fire on the opening day of SPIEF 2026 is confirmed by multiple sources, adding a new dimension to the Russia-Ukraine conflict. In markets, Bitcoin plunged below $66,000 amid a broad crypto sell-off, while global stocks hit fresh records on the AI rally. DeepSeek is set for a $7 billion fundraise led by Tencent and CATL, and SpaceX is targeting a record $75 billion IPO. GameStop posted a strong FQ1 earnings beat and approved a $2.0 billion buyback. Gary Black highlighted Broadcom and Marvell as AI winners as focus shifts to custom chips. The US proposed new tariffs on 60 economies over forced labor. The narrative arc for the Iran-US conflict is ESCALATING, and for the Russia-Ukraine conflict it is also ESCALATING.