WS #14078

The US-Iran/Hormuz crisis remains the dominant market driver, with fresh confirmation of attacks on two ADNOC tankers in the Strait of Hormuz (AP, UKMTO, UAE) and Houthi drone strikes on Saudi Aramco's Jazan refinery for the second time in a week (Bloomberg, Semafor). Brent crude is up ~0.8% to $87.79, with energy stocks (XOM, CVX) rising 1.3% while tech falls 0.6%. The US lost 45 MQ-9 Reaper drones (25% of fleet, >$1.3B) per Washington Post, adding to defense-sector tailwinds (BA, RTX) via new SM-3 interceptor deals. This is an ESCALATING narrative with no de-escalation signals; the blockade and oil price pressure persist, with German inflation jumping to 2.8% on energy costs and US consumer sentiment dipping. Counter-signals are absent; the only offsetting factor is the US focus on economic pressure rather than wider military action, but this does not dampen the oil supply shock.