WS #13668

The dominant theme this window is the Strait of Hormuz crisis, which is ESCALATING with new data points. Multiple sources (Al Jazeera, DW, Reuters, ANSA, GDELT) corroborate that Iran's IRGC explicitly states the strait will only reopen if the US accepts Iran's conditions, and that this is NOT linked to the Iran-Oman negotiations. This directly counters the earlier US official expectation of a quick deal, dampening hopes for a near-term oil supply normalization. Additionally, the UAE reported a missile attack on an ADNOC tanker in the strait, marking a fresh escalation in attacks on shipping. These developments are bearish for oil supply expectations, supporting higher crude prices and benefiting energy producers while pressuring shipping and airlines. Meanwhile, Berkshire Hathaway's Q2 earnings show a 16% operating profit rise and a sharp acceleration in buybacks to $4.5B, with CEO Greg Abel deploying the cash hoard—a positive signal for BRK.B and the broader market. Apple's integration of Alibaba's Qwen AI into Siri for China Mac users is a notable MAG7-specific development, potentially aiding Apple's competitive position in China. The AI trade narrative continues to stabilize following the Situational Awareness hedge fund collapse, with the market treating it as a clearing event.