WS #13685

The dominant theme remains the Strait of Hormuz crisis, which is ESCALATING. Iran's Supreme National Security Council issued six sweeping demands for reopening the strait (end of war, lifting blockade, sanctions relief, compensation, etc.), while a fresh Iranian missile strike hit an ADNOC tanker—the 15th+ attack on Adnoc vessels—and a vessel was struck off Oman. This contradicts earlier optimism about a US-Iran deal and pushed Brent up 1.3% to $83.55 and WTI 1.15% to $78.18. However, counter-signals emerged: VP Vance said the US expects oil flows to return to pre-conflict levels and is working on a safe transit scheme, and Iran-Oman talks are reportedly 'close' to a deal on a new corridor. These mixed signals keep oil volatile. Separately, a drone exploded near a Bulgarian gas pipeline (Trans-Balkan), raising European energy security concerns. On the macro front, a weak US jobs report and elevated inflation complicate Fed policy, with markets pricing a possible 50bp cut in September. In tech, Apple is reportedly raising iPhone 17 prices on August 10 due to memory costs, and IDC data shows Apple was the only major PC vendor with shipment growth (+10.1%) while the broader PC market fell 4.9%—a bullish Apple-specific signal. Nvidia's valuation is at a 10-year low per BofA despite strong AI demand, a potential contrarian buy signal.