WS #14013

The dominant narrative remains unchanged: cool July PPI, Fed rate cut expectations, mixed AI trade, and the ongoing Strait of Hormuz closure with its bearish oil demand implications. No counter-signals or de-escalation have emerged to alter the prevailing thesis. This window carries 5 key development(s), 4 at significance:high: IEA cuts 2026 oil demand forecast by 510k bpd as Hormuz closure persists; Iran asserts control over Strait of Hormuz, Houthis claim drone strike on Saudi refinery; Micron (MU) up 7% on AI memory demand, fiber optic names sell off; 10-year Treasury yield hits 4.683%, highest since 2007; 30-year at 5.216%. A further 1 development(s) sit below significance:high.