WS #12659

The dominant signal in this window is a major escalation in the US-Iran conflict. Iran's Foreign Minister Araqchi stated that Iran will not accept a ceasefire until its demands on the Strait of Hormuz are met, directly contradicting any hopes for de-escalation. Simultaneously, reports indicate the US president has shifted to a 'kinetic military approach,' ending diplomatic efforts. NATO's Rutte called a new US attack on Iran 'absolutely necessary.' This represents a clear escalation from the previous 'stable' narrative. Countering this, Trump claimed China and Russia assured him they won't sell arms to Iran, and separately stated he does not think they are participating in the conflict. However, the hawkish statements from Iran and NATO dominate. Oil prices are reacting sharply, with WTI at $88.50 (-4%) and Brent at $95.97 (-4.69%), while ADNOC continues issuing crude tenders despite risks. Separately, Intel's (INTC) 15% post-earnings pop has fully reversed, erasing ~$90B in market cap, a significant negative signal for the stock. Other notable items include SkyWest (SKYW) surging on Q2 results and a $250M buyback increase, and Verizon (VZ) signing a $1B deal with Google for data center infrastructure, boosting its market cap by ~$6.1B.