WS #13735

The dominant theme remains the US-Iran conflict and Strait of Hormuz closure, which is ESCALATING. Iran's Revolutionary Guards and Expediency Council have reiterated that Hormuz will not reopen until the US accepts all of Tehran's conditions, including war compensation, and Iran's parliament approved a strategic security plan for the strait. This hardens the blockade stance, keeping oil supply risk elevated. Cross-corroborated by multiple sources (Press TV, Il Sole 24 Ore, The Hindu, Africanews), this reinforces bearish pressure on global equities and bullish oil. However, a counter-signal emerged: Iran's Foreign Minister confirmed talks with Oman on a shipping route are in final stages, suggesting a potential partial de-escalation channel, though he denied direct US negotiations. Separately, Houthis claimed a drone attack on Saudi Aramco's Jizan refinery, with a fire reported and extinguished; this is corroborated by multiple sources and adds to regional energy supply risk, supporting oil prices. On the macro front, US CPI expectations for July are cooling (3.4% headline, 2.5% core), with Citi and BofA split on whether this rules out a September Fed hike; this is a key data point for rate-sensitive equities. In tech, Nvidia is reportedly investing $3B in Lancium (Stargate data center campus in Texas), signaling expansion into AI infrastructure, which is bullish for NVDA and AI-related names. Tesla crossed $100B in trailing-twelve-month revenue but margins are compressing (operating margin 1.41%), creating a mixed picture. Berkshire Hathaway beat earnings, raised buybacks, and cut cash, which is supportive for BRK and the broader market. China's Moore Threads posted 147% H1 revenue growth, highlighting China's GPU push, though this is a China-specific signal with limited US ticker impact.