WS #13937

The dominant narrative remains unchanged: Middle East tensions and the Strait of Hormuz blockade continue to escalate, with no new counter-signals or de-escalation. Energy prices and shipping rates remain elevated, and the AI infrastructure supercycle continues to be confirmed by strong earnings. No new data points have emerged to alter the prevailing market outlook. This window carries 5 key development(s), 4 at significance:high: Iran denies ceasefire extension, says agreement never entered implementation phase; US crude inventories surge by 17.4M barrels, far exceeding expectations; AI infrastructure earnings beat: CoreWeave, Nebius, Super Micro surge; July CPI at 3.4% YoY, in line with expectations, reducing Fed hike odds. A further 1 development(s) sit below significance:high.