WS #13661

The dominant narrative remains the de-escalation of the US-Iran conflict, with the Hormuz deal expected 'soon' and the US lifting its blockade of Iranian ports upon implementation. This is corroborated by multiple sources (GDELT, Reuters via NTB) and is a counter-signal to the earlier war-driven oil spike. However, new supply-side risks have emerged: Ukraine escalated drone strikes on Russian refineries (Syzran, Ilsky, Krasnodar) and a drone hit a fuel tank at Libya's Zawiya refinery, both supporting oil prices. The US Senate passed the Lindsey Graham Sanctioning Russia and Iran Act (86-11), which could impose up to 100% tariffs on top buyers of Russian crude (India, China), posing a risk to global trade and energy flows; this is a fresh development awaiting House approval. In corporate news, Nvidia is reportedly investing up to $3 billion in Lancium (20% stake) and is set to overtake Apple as TSMC's largest customer in 2026, reinforcing AI infrastructure demand. Amazon's Zoox will launch paid robotaxi rides in Las Vegas on August 10, intensifying competition in the robotaxi market. The US jobs report showed an unexpected loss of 23,000 jobs in July, reducing Fed rate hike expectations and driving the S&P 500 to a record high; gold surged to a seven-week high. Overall, the market is balancing geopolitical de-escalation with new sanctions and supply disruptions, with oil and AI-related equities as key movers.