WS #12864

The dominant narrative remains Middle East energy infrastructure escalation, with multiple sources corroborating Houthi/Iranian drone attacks on Saudi oil facilities (Abqaiq refinery, Yanbu) and a new Iranian drone strike on Erbil, Iraq. This is an ESCALATING situation. Oil prices are falling sharply (WTI -8.36%, Brent -9.38%) on reports of a US-Iran pause, acting as a counter-signal to the supply disruption thesis. However, the drone attacks continue, creating a tug-of-war between geopolitical risk and de-escalation hopes. Separately, Apple regained the world's most valuable company title from Nvidia, as Nvidia fell 5% on AI spending concerns. Celestica reported a strong Q2 beat (EPS $2.54 vs $2.31, revenue +62% YoY) and raised guidance, surging ~10% after hours, signaling robust AI/hardware demand. Datadog insiders (CEO and director) sold large blocks of shares, a bearish signal for DDOG. META has declined 8 straight days, its longest losing streak ever, contradicting the broader tech narrative. The US Senate is expected to vote on a Russia sanctions bill as soon as Tuesday.