WS #14328

The dominant theme remains Middle East tensions, with the Strait of Hormuz closure persisting and Iran conditioning any reopening on US promises, a stance reiterated by Iranian Deputy Foreign Minister Kazem Gharibabadi. A tanker was hit near Oman, and Murban crude jumped 4.04% to $95.75, while gasoline rose 3.12% and heating oil 1.82%, signaling continued energy supply risk. The US-Venezuela oil deal is being fleshed out: Venezuela's acting president Delcy Rodríguez confirmed the 25-year agreement covers 17 strategic fields, targets 1.5 million barrels per day, and involves $100 billion in investment, but experts and multiple sources stress that Venezuela's corroded infrastructure will take at least 10 years to rebuild, undermining near-term supply expectations. The Fed remains hawkish, with Chair Kevin Warsh emphasizing 'stable prices' as the Fed's job and bond investors wary of a potential hike; 30-year yields remain above 5.3%. In tech, Apple's CEO transition to John Ternus is set for September 1, with the stock down 10% on weak guidance, but Mac mini and Mac Studio sales are surging as AI hardware, offering a partial counter-narrative. Nvidia's data center growth remains strong, and Broadcom's earnings on September 2 are a key AI catalyst, with analysts predicting a parabolic move. A federal court struck down the Pentagon's AI ban on Anthropic, clearing a path for Palantir's Maven program, a positive for PLTR. Russia extended its diesel export ban, adding to fuel supply tightness. The narrative is ESCALATING on energy and geopolitical fronts.