WS #13772

The dominant narrative remains the US-Iran/Hormuz crisis, which is STABLE but with a notable new development: Houthi drone attack on Saudi Aramco's Jazan refinery, confirmed by Saudi authorities, adding a fresh supply-side risk to oil markets. Oil prices are climbing (Brent above $84, WTI ~$78.80) as Hormuz deal remains elusive; Iran says Oman deal in 'final stages' but US must act, while Trump signals patience ('low-keying it'), suggesting no imminent resolution. This supports bullish oil and bearish risk sentiment, though US equity futures are steady. A key counter-signal: reports that the US will lift its blockade of Iranian ports once a deal is announced, which could ease oil prices, but no deal yet. Also, US nonfarm payrolls unexpectedly fell by 23k in July, with prior months revised down, reducing Fed rate hike expectations (September hike odds trimmed to ~11bp), which is supportive for equities and gold. This week's US CPI (expected 3.4% y/y) will be critical. China's July CPI rose only 0.5% y/y (below expectations), indicating deflationary pressure, while PPI rose 3.5% y/y. In tech, NVIDIA is testing lower-memory Rubin Ultra GPU designs due to HBM shortage, a potential negative for NVDA margins, but Huang denies delays. Apple plans to relaunch ceramic Apple Watch, a minor positive. Datadog insiders sold $11.7M, a bearish signal for DDOG.