WS #11455

The dominant theme remains the OPEC+ output increase and Strait of Hormuz reopening, which is STABLE with no new escalation. Foxconn Q2 revenue beat (39.8% YoY) is a new data point, but it is a Taiwan-specific supply chain signal with indirect implications for AAPL and NVDA. No counter-signals or de-escalation detected. The narrative is unchanged from the previous cycle.