WS #8027

The dominant theme in this window is the escalating US-Iran diplomatic process, with multiple sources corroborating progress toward a memorandum of understanding (MOU) mediated by Pakistan. Secretary of State Rubio confirmed 'some progress' in talks and hinted at a possible announcement in coming days. Iran's foreign ministry spokesperson stated they are focused on finalizing an MOU with the US, while also noting that the Strait of Hormuz issue is a matter between Iran and coastal countries, not the US. However, a separate report indicates Iran is seeking release of frozen assets, an end to port sanctions, and US military withdrawal in exchange for temporarily opening the Strait of Hormuz. This suggests a complex negotiation where Iran is linking Hormuz access to broader concessions. The narrative is ESCALATING in terms of diplomatic activity, but the outcome remains uncertain. Separately, OPEC+ is set to raise July oil output by 188,000 barrels per day, which could counter upward oil price pressure from geopolitical tensions. In corporate news, Delivery Hero confirmed an approach by Uber Technologies for a potential takeover, which could impact UBER and DHER. NVDA is down 1.9% while QCOM and AMD are up, indicating rotation within semiconductors. Tulsi Gabbard is resigning as DNI, a political development that may have limited market impact. DeepSeek made a permanent 75% price cut on its flagship V4-Pro AI model, intensifying AI pricing competition.