WS #12543

The US-Iran conflict continues to escalate with the 10th consecutive night of US strikes, and Iran attacked a tanker in the Strait of Hormuz, forcing its crew to abandon ship. Goldman Sachs projects Brent could spike to $120/barrel if the Strait closes. Indian refiners have halted Iraq oil loadings as Hormuz risks escalate. Saudi Arabia exported record volumes of crude from Red Sea terminals before Houthis threatened to block shipments. A VLCC made a U-turn in the southern Red Sea after Houthi warnings. These developments are bullish for oil prices and energy stocks, but bearish for airlines, shipping, and consumer sectors. However, there are reports that Qatar, Egypt, and Pakistan have proposed a 10-day ceasefire, which could de-escalate the crisis if accepted. On the trade front, USTR Greer says ongoing dialogue with Canada remains active. Bessent says US could sanction China over AI model 'theft'. In corporate news, Intel and Fortinet announced a strategic collaboration to develop Fortinet Security Processor 6, a win for Intel's foundry under CEO Lip-Bu Tan. Amazon's data infrastructure in Bahrain was reportedly struck by Iran. 3M reported a Q2 beat but noted $110M tariff impact. Utz Brands agreed to be taken private by Intersnack for $14.25/share, a 91% premium. Semiconductor ETFs saw massive inflows of over $2.1B in one day. The Japanese yen weakened to 162.77 per dollar, its weakest in 40 years, fueling carry trades. Bitcoin topped $66,000 as a macro bottom signal flashed. Fed's Waller said the Fed will not keep rates down to help finance government deficits. LSE is planning 24/7 trading to compete with crypto markets.