WS #12505
The US-Iran conflict continues to escalate, with CENTCOM confirming a 10th consecutive night of strikes beginning at 4pm ET, targeting Bandar Abbas and Bushehr, and air defense systems activated near the Bushehr nuclear plant. The Houthi maritime embargo against Saudi Arabia and a UK Navy vessel struck near Dibba, UAE, further tighten oil supply risks. The US Strategic Petroleum Reserve has hit its lowest level since 1983, compounding fears. This narrative is clearly ESCALATING. Separately, Crown Holdings (CCK) raised guidance after a Q2 beat, while Zions Bancorp (ZION) fell 2% post-market on NII miss. Steel Dynamics (STLD) reported mixed results with an EPS miss but revenue beat. Insider selling at Datadog (DDOG) and Snowflake (SNOW) is notable. The UK cabinet reshuffle under new PM Burnham is ongoing but has limited direct market impact. The dominant theme remains the intensifying oil supply crisis, with second-order effects on energy, airlines, and consumer sectors.
Topics
Key developments
- CENTCOM confirms 10th consecutive night of US strikes on Iran; air defense activated near Bushehr nuclear plant
- US Strategic Petroleum Reserve hits lowest level since 1983
- Houthi maritime embargo against Saudi Arabia; UK Navy vessel struck near Dibba, UAE
- Crown Holdings raises full-year profit outlook after Q2 beat, shares up 2.5% after-hours
- Zions Bancorp Q2 net interest income and margin miss estimates, shares down 2% after-hours
- Steel Dynamics Q2 EPS misses but revenue beats; shares trade higher
- Datadog director Amit Agarwal sells ~$5M in shares across multiple transactions
- Robinhood insider sells 33,289 shares at ~$26.05