WS #12701

The dominant narrative remains the US-Iran conflict and elevated oil prices, with significant escalation signals in the last 30 minutes. Iran has rejected the latest US peace proposal, stating it will no longer allow the US to replenish oil and ammunition reserves through deceptive ceasefires. Iran's Revolutionary Guards stopped four ships attempting to transit the Strait of Hormuz, and Houthi rebels claimed missile strikes on Saudi Aramco's Jazan refinery, causing a massive fire. Oil prices are surging toward $100 per barrel, with Brent briefly touching $102. The US and UK are planning a London summit to form a maritime coalition for the Strait of Hormuz, indicating a potential exit strategy for the US. Separately, South Korea and global tech giants, including Nvidia and OpenAI, agreed on $950 billion in cooperation projects, including a $750 billion semiconductor supply deal with SK Group and joint investment in AI data centers. This is a high-significance positive for Nvidia and the AI sector, countering the bearish macro narrative. Intel reported strong Q2 earnings, beating estimates by $0.21 EPS, with revenue up 25.2% year-over-year, marking the seventh straight quarter of exceeding expectations. The Russia-Ukraine conflict continues to escalate, with Ukraine striking a Siberian refinery and a Caspian oil platform, and Russia striking port infrastructure in Ukraine. Kazakhstan's president told Putin the war should end, a rare face-to-face comment. The narrative arc is ESCALATING for the US-Iran conflict and oil prices, while the SK Group-Nvidia deal is a new positive signal for AI.