WS #12569

The dominant theme remains the escalating Middle East conflict, now with multiple corroborated developments. The Houthi blockade threat against Saudi oil exports is intensifying: FT reports at least four Saudi tankers reversed course after Houthi warnings, and Al Jazeera published an opinion piece titled 'The Houthis may soon discover the limits of Saudi strategic patience,' suggesting potential Saudi military response. Goldman Sachs warns crude could hit $120 if Strait of Hormuz disruptions continue. Trump has vowed to attack Iranian nuclear facilities, and multiple US B-1 bombers reportedly left RAF Fairford, signaling potential strikes. Kazakhstan stopped oil flows to a key Russian terminal after Ukrainian tanker attacks, removing another ~1M bpd from the market. The IEA warns of energy supply risks from the Iran conflict escalation. Oil prices are trading higher, with WTI at $84.23 (+2.12%) and Brent at $91.07 (+2.07%). On the counter-signal side, Lebanon's president stated the goal is to end hostilities with Israel 'forever,' and there are ongoing ceasefire discussions, but no concrete de-escalation yet. In tech, Nvidia disclosed a 9.3% stake in Nebius (NBIS), sending the stock up sharply. Tesla launched robotaxi pilots in Orlando and Tampa ahead of Q2 earnings. Memory stocks rallied on TSMC price hike reports and Moonshot AI IPO valuation. The crypto regulatory narrative remains positive: Bessent said lawmakers are finalizing crypto legislation, Coinbase rose 12%, and T. Rowe Price launched a Bitcoin-led crypto ETF. Russia passed a landmark crypto bill allowing regulated retail trading. Overall, the geopolitical situation is ESCALATING with oil supply risks, while tech and crypto have positive catalysts.