WS #9526

The US-Iran conflict has escalated dramatically with Iran launching ballistic missiles in retaliation to US strikes, confirmed by multiple OSINT sources and official statements. Air defense interceptions are reported over Jordan, Kuwait, and Lebanon. Japan's Chief Cabinet Secretary expressed hope the attacks will not escalate further. Oil prices are rising, and stock futures are falling. The Hang Seng Tech Index dropped over 2%. Gold crashed over 3% as oil and yields rose. The CPI report showed May headline +0.5% and core +0.2% (cooler), with YoY headline at 4.2%. The Bank of Canada held rates. OpenAI is considering drastic price cuts per WSJ, which could intensify AI competition. The Strait of Hormuz closure remains a severe supply-side shock. The dominant narrative is ESCALATING with active missile exchanges.