WS #14079

The US-Iran/Hormuz crisis narrative remains unchanged with no counter-signals or de-escalation. Energy and defense stocks continue to benefit while tech lags, but no new data points have emerged to alter the outlook. This window carries 6 key development(s), 4 at significance:high: US escalates naval blockade on Iran: 62 vessels redirected, 2 ADNOC tankers attacked in Hormuz; Houthis hit Saudi Aramco Jazan refinery for second time in a week; US July retail sales unexpectedly fall 0.6%, consumer sentiment slumps to 51.0; Reddit (RDDT) added to S&P 500, shares jump 11%. A further 2 development(s) sit below significance:high.