WS #12968

The dominant signal in this window is a major escalation in US-Iran hostilities. Iran launched ballistic missiles at a US base in Jordan and struck three oil tankers in the Strait of Hormuz, per multiple corroborating sources (Al Jazeera, AP, GDELT, Bluesky). This has driven oil prices sharply higher: WTI +3.55% to $82.07, Brent +3.59% to $87.11. The US and Saudi Arabia conducted joint airstrikes on Iranian-backed groups in Iraq, further escalating the conflict. Separately, Apple briefly touched a $5 trillion market cap, becoming the second company ever to do so, driven by strong consumer demand and a strategic AI approach. Michael Burry issued a bearish warning on Nvidia, calling AI spending 'biblical proportions' amid rising credit default swap risks. Hermès reported solid H1 results with revenue of €8.2B and operating margin of 41%, though currency headwinds were significant. Deutsche Bank posted a record Q2 profit of €1.9B and announced a €500M buyback. The narrative arc on geopolitics is ESCALATING, while tech remains mixed with Apple strength contrasting with Nvidia concerns.