WS #13835

The dominant narrative remains the Strait of Hormuz standoff, which is ESCALATING as both the US and Iran harden their positions. Trump's demand that Iran pay compensation, coupled with Iran's insistence on US reparations and conditions, has dashed hopes for a near-term deal, driving oil prices up ~5% (WTI $82.13, Brent $87.72). This is corroborated by multiple sources (CNBC, GDELT, Reuters). The US extended the Jones Act waiver for 90 days to mitigate energy supply disruptions, a counter-signal that partially offsets the bearish oil-supply shock. Separately, Nvidia's $500B AI infrastructure financing partnership with six financial giants (Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, KKR) is a high-significance positive for AI infrastructure names, though Nvidia shares fell 2.4% on concerns about circular financing. Libya's Zawiya refinery suffered a third drone attack, with NOC threatening force majeure, adding to oil supply concerns. Trump Media (DJT) reported a $238M Q2 loss driven by crypto losses, sending shares down 8%. Apple is testing Chinese CXMT memory chips, a MAG7 carve-out that could pressure memory suppliers but help Apple manage costs. Intel launched a $15B share sale, diluting shareholders. The July CPI report due Wednesday is the next macro catalyst, with oil price surge complicating the Fed's path.