WS #6275
No material new developments in the last 30 minutes. The oil supply shock narrative remains dominant with no counter-signals or de-escalation. No new data points to update the previous synthesis.
Key developments
- California gas prices hit $6/gallon as Strait of Hormuz fears persist
- Pentagon estimates Iran war has cost $25 billion, no end in sight
- ECB officials see June rate hike if energy prices don't ease
- Alphabet surges 7% on record cloud growth, Meta plunges 9% on capex raise
- FDA proposes excluding Novo and Lilly weight loss drugs from bulk compounding
- Caterpillar raises long-term sales growth outlook to 6-9% annually through 2030
- Qualcomm soars 16% on Q2 beat and custom AI hyperscaler chip shipments
- UN Secretary General warns 45 million more people face severe hunger if Middle East crisis continues