WS #9278

The Israel-Iran conflict has escalated dramatically, with both sides launching direct missile and air strikes against each other's territory, shattering the fragile ceasefire. Iran's IRGC claimed a retaliatory strike on Haifa petrochemical facilities, while the IDF confirmed large-scale strikes on Iranian strategic defense systems and a petrochemical complex in Mahshahr. Multiple sources (Bluesky, Al Jazeera, BBC, Reuters) corroborate the exchange, with Iran releasing footage of missile launches and Israel reporting around 30 ballistic missiles fired. This marks a significant escalation from the previous window's missile salvos, now involving direct strikes on economic infrastructure. The Strait of Hormuz remains effectively closed (94.8% drop in traffic, day 88), with Iran's envoy stating it will reopen only under new conditions including transit fees. OPEC+ continues to raise output targets despite collapsing actual production, creating a widening gap between stated and real supply. Trump has threatened to 'destroy' Iran's enriched uranium and expressed displeasure with Israeli strikes, while also saying Israel will have 'no choice' but to accept a peace deal. The tech selloff continues to deepen, with the Nasdaq falling 4.18% on Friday and Asian markets extending losses (Kospi down 8%+ triggering trading halts). However, Apple is expected to unveil new AI features at its developer conference, and NVIDIA's RTX Spark partnership with Microsoft for AI desktop computing provides a counter-narrative to the broad tech rout. China's Xi Jinping arrived in Pyongyang for talks with Kim Jong Un, pledging 'invincible' friendship, while Armenia's pro-Europe party won elections, cementing a shift away from Russia. The Philippines tsunami alert has been lifted following the M5.0 earthquake.