WS #9133

The US-Iran conflict has escalated sharply, with Iran firing ballistic missiles at Kuwait and Bahrain, and the US striking Iranian radar sites. This directly threatens Gulf stability and oil supply through the Strait of Hormuz, which remains blockaded. Oil tanker owners fear a market crash if the strait reopens, while fuel rationing is being considered in the UK. Separately, Ukraine continues drone attacks on Russian oil infrastructure, hitting the Antipinsky refinery in Tyumen. On the tech side, Google agreed to pay SpaceX $920 million monthly for AI compute hardware, and Quantinuum had a strong market debut. The SpaceX IPO is oversubscribed. Bitcoin fell below $60,000 amid concerns about retail selling to fund the SpaceX IPO. The dominant theme is the escalation of US-Iran hostilities, which is bullish for energy stocks and bearish for risk assets.