WS #12608

The US-Iran conflict continues to escalate, with the 11th consecutive night of US strikes on Iran, including aircraft hangars and drone depots, and Trump threatening to target an underground nuclear site. Brent crude traded at $92.09, up 1.2%, and WTI climbed 1.1%. The Houthis announced a naval blockade on Saudi Arabia, further threatening oil supply routes. CMA CGM implemented fuel surcharges of $65-$165 per container from August 1 due to Strait of Hormuz hostilities. The US war cost has reached $37.5B, with a $67B supplemental request. Iran warned of a 'major historical surprise' and reported targeting US bases in Jordan and Bahrain. Separately, Trump proposed 100% tariffs on generic pharmaceuticals from 2028, impacting Indian pharma companies. China expressed strong dissatisfaction over the EU's €550M fine on AliExpress, threatening retaliatory measures. Ukraine's Zelenskyy ousted army chief Syrskyi amid protests, appointing Drapatyi as new commander-in-chief. Italy aims for 5% NATO defense spending. Tesla Q2 earnings preview notes strong deliveries but murky profits. The US-Iran narrative is ESCALATING.