WS #12709

The dominant narrative remains the US-Iran conflict and its impact on oil markets, with new escalations in the past 30 minutes. Houthi ballistic missiles targeted Saudi Arabia's Yanbu oil refinery, with Greece reporting interception of missiles and drones. Saudi officials confirmed damage to oil facilities with repairs expected to take months. Oil prices surged toward $100/barrel, with Brent settling at $100.69 before slipping back below $100 but still up 12% for the week. The Strait of Hormuz tanker crossings fell to a two-month low, signaling greater market disruption. In a potential counter-signal, the US has paused military strikes on Iran amid diplomatic talks, though Iran rejected negotiations and Trump threatened massive attack. Separately, a major AI infrastructure deal was announced: NVIDIA and SK Group announced a $500B+ partnership spanning AI factories and next-generation memory, with SK Hynix co-developing HBM memory with NVIDIA. Samsung and Broadcom signed a $200B MOU for 2nm and advanced packaging through 2030. These deals are bullish for semiconductor and AI infrastructure stocks. Alphabet's Q2 CapEx concerns sent GOOGL down ~7%, but core EBIT jumped 24.8% YoY. Tesla sank 15% on Q2 miss, with operating margin falling to 1.4%. The previous synthesis's key developments (Houthi strikes, US pause on airstrikes, tariffs, tech earnings, bond yields) remain unrefuted and are carried forward.