WS #13039
The US-Iran conflict continues to escalate with fresh US airstrikes on Iran, corroborated by multiple sources (Bluesky, AP via EuropeSays). Brent crude futures reversed course to rise 1% to $91.65/bbl, signaling renewed supply fears. However, a counter-signal emerged: Canadian PM Carney ruled out using oil as leverage in the US tariff fight, suggesting Canada will not restrict energy exports. On earnings, Sanofi (SNY) beat estimates and raised guidance, while ArcelorMittal (MT) missed. Microsoft's CFO indicated AI CapEx is flexible, allowing GPU spending cuts if demand cools, which could weigh on NVDA. The dominant narrative is ESCALATING US-Iran conflict, but Carney's statement and the Fed's steady rates provide partial offsets. The Dow's 1,000-point drop history suggests potential short-term weakness but medium-term recovery.
Topics
Key developments
- US launches heavy airstrikes on Iran after foiled missile attack
- Brent crude futures rise 1% to $91.65/bbl
- Sanofi beats Q2 estimates, raises FY26 guidance
- ArcelorMittal misses Q2 estimates, reaffirms capex
- Microsoft CFO says AI CapEx flexible, can slow GPU spending if demand cools
- Canadian PM Carney rules out oil as leverage in US tariff fight