WS #12568

The dominant theme in this window is a major escalation in the Houthi blockade threat, now directly targeting Saudi oil exports. Multiple sources (Al Jazeera, The Guardian, Bluesky) report that Houthi rebels have warned shipping companies against using Saudi Arabian ports, and two oil tankers carrying Saudi crude have already turned back. This represents a significant escalation from the previous focus on the Strait of Hormuz, now extending to the Bab el-Mandeb strait. Trump has threatened to 'take care of' the Houthis, while also stating the US is 'not finished at all' with Iran. The oil price remains elevated above $90, with prediction markets seeing a 51% chance of US oil topping $90 this month. Separately, Iran launched a ballistic missile strike targeting Erbil, and sirens sounded in Bahrain, though a claim that Iran blew up Amazon's data center in Bahrain appears unsubstantiated. On the tech side, Micron led a memory-stock rally, with the Nasdaq 100 topping 29,000. Google released three new Gemini models but not the anticipated 3.5 Pro, causing a 1% dip in GOOGL stock. Apple is reportedly launching a new leasing program 'Apple Upgrade' on July 28, partnering with Klarna, which could boost iPhone/Mac demand and lifted KLAR stock 9%. Coinbase stock is soaring on Clarity Act momentum. The Clarity Act for crypto is at the '1-yard line' per Bessent, boosting crypto stocks. S&P Dow Jones and Pantera Capital launched a new digital asset index. Overall, the geopolitical situation is escalating with the Houthi blockade extension, while tech and crypto have positive catalysts.