WS #11384

The dominant narrative is the escalating Ukraine-Russia energy war, with multiple sources corroborating a major Ukrainian drone attack on St. Petersburg's oil terminal and Vysotsk port, causing fuel shortages in Russia. This is a significant escalation in the conflict's impact on energy infrastructure. Meanwhile, the Strait of Hormuz situation shows fragility: ships abruptly reversed course near the waterway, and Iran warned against foreign military presence, though oil shipments remain above 10 million bpd. The White House requested $87.6 billion in additional funding, mostly for the Iran war, signaling sustained fiscal pressure. On the macro front, weak US jobs data boosted hopes for Fed rate cuts, pushing European stocks to record highs. In tech, Apple surged 4.84% on the week, while AI export controls tightened, impacting GOOG. The EU confirmed a €4.125 billion fine against Google for Android antitrust violations. Bitcoin ETFs saw $2 billion in outflows over two weeks, and Ethereum posted three consecutive losing quarters. The 'Flamingo Revolution' in Albania is a domestic political story with no direct US market impact.