WS #12651

The US-Iran conflict continues to escalate with new US sanctions on Iranian financier Babak Zanjani and associated firms, and Iran striking US military assets in Kuwait and Bahrain, including an Amazon data center. Oil prices have retreated from $100 but remain elevated, with Brent at $97.70 and WTI at $90.26, as Hormuz tanker crossings sink to the lowest since May. The ECB held rates unchanged, citing high uncertainty from the energy shock. US new home sales for June beat estimates (628K vs 609K). In corporate news, Nvidia CEO Jensen Huang made his first post on X, signaling increased engagement, while Tesla's market cap fell below $1 trillion amid continued dumping. The US issued an amended Russian-related general license regarding Lukoil International GmbH, allowing certain transactions through August 22. The dominant theme is the US-Iran conflict, which is ESCALATING, with oil price volatility and second-order effects on energy, airlines, and consumer sectors.