WS #9528

The US-Iran conflict continues to escalate with Iran's IRGC claiming strikes on US aircraft at Al-Azraq Air Base in Jordan with 12 ballistic missiles, and reports of Iranian attacks on US bases in Kuwait and Bahrain. Kuwait has closed its airspace. The Strait of Hormuz remains closed, with oil prices surging: Brent crude up 2.26% to $95.20/barrel, WTI climbing. The dominant narrative is ESCALATING with active military exchanges and a full strait closure. Separately, Bank of Japan Governor Ueda's hospitalization introduces uncertainty ahead of next week's policy meeting, where a rate hike was expected. The DOJ moved to drop the Halkbank Iran sanctions case, a minor positive for Turkish relations but not market-moving. Jim Cramer's comments on Bitcoin and gold being 'bad money' are noise. The tech selloff continues as a second-order effect of the oil shock and geopolitical risk.