WS #8899

The Iran-US conflict continues to escalate, with multiple corroborated reports of Iranian missile strikes on US bases in Kuwait, Bahrain closing its airspace, and Iran halting ceasefire talks while vowing to keep the Strait of Hormuz closed. Brent crude has surged 7% to $97.4/bbl and WTI 8% to $94.47. The OECD has slashed global growth forecasts, warning a prolonged Hormuz disruption could drag growth to 1.8%. Counter-signal: The US Navy struck an empty tanker bound for Iran's Kharg island, and Kuwait expelled Iranian diplomats, but these actions do not offset the immediate attack. Separately, Google parent Alphabet sold $35B in equity this week, bringing total fundraising to $85B, which could pressure GOOGL shares. ADP data showed the strongest private payrolls since Jan 2025, reducing Fed rate cut odds. Partners Group capped withdrawals on its $8.6B evergreen fund, sending shares down 17% and dragging other asset managers. The dominant theme is the Iran conflict ESCALATING, with oil prices surging and risk assets under pressure.