WS #11473

The dominant narrative in this window is the escalating impact of Ukraine's drone campaign on Russia's oil infrastructure, with multiple sources corroborating that Ukrainian strikes have disabled 42.74% of Russia's oil refining capacity and that fuel shortages are now visible, with Russians boarding fuel tankers. This is a significant escalation of the energy war. Separately, OPEC+ has announced a 188,000 bpd output increase for August, partly in response to the reopening of the Strait of Hormuz, which acts as a counter-signal to oil supply fears. In corporate news, easyJet's board has agreed to a £5.2bn takeover by Castlelake, a significant M&A event in the airline sector. On the tech front, Apple's foldable iPhone is expected to have limited supply and high resale premiums, while Microsoft faces a class action lawsuit. The US jobs data (57,000 added) was weaker than expected, cooling rate hike fears. The White House's intervention in FIFA to overturn a USMNT red card is a notable political-sports story but has limited market impact.