WS #9523

The US-Iran conflict continues to escalate sharply with fresh US airstrikes targeting Varamin (south of Tehran) and Karaj, while Iran retaliates with missile and drone strikes against US Fifth Fleet in Bahrain and US bases in Kuwait and Bahrain. Air defense activity is reported in Bushehr. Oil prices jumped 2.5-3% on the escalation, with Brent at $95.45 and WTI at $92.68. Trump claimed a 'secret mission' secured passage of 100 million barrels through the Strait of Hormuz, but Rep. Himes disputed this. Rystad Energy notes the oil market is better positioned to absorb disruptions due to record US crude exports and alternative routes, but warns diplomatic breakthrough chances have diminished. Separately, Trump said he won't renew CUSMA with Canada/Mexico, adding trade uncertainty. On the corporate front, Stitch Fix guided FY2026 revenue $1.346B-$1.351B and adjusted EBITDA $49M-$52M. Cathie Wood's ARK is rebalancing, selling RXRX, PACB, ROKU, HOOD and buying Kodiak AI (KDK). SpaceX IPO demand tops $250B. The dominant narrative is ESCALATING with no de-escalation signals in this window.