WS #14064

The dominant US-Iran conflict narrative remains unchanged, with no new attacks, policy shifts, or de-escalation signals. Oil prices and related sector moves are stable, and no new corporate or macro catalysts have emerged. The situation is STABLE, and the previous synthesis remains accurate. This window carries 5 key development(s), 3 at significance:high: US warns of indefinite naval blockade on Iran; two more ADNOC tankers attacked in Hormuz; US July retail sales unexpectedly fall 0.6% MoM, first drop in 14 months; Reddit to join S&P 500, replacing AvalonBay; shares surge 12% premarket. A further 2 development(s) sit below significance:high.