WS #11482

The dominant narrative in this window is the continued easing of oil supply fears, with OPEC+ approving another output increase and Hormuz flows recovering, pushing oil lower. This is corroborated by Bloomberg, Argus, and multiple sources. The Norway upset win over Brazil in the World Cup is a major sports event but has no direct US equity market impact. Stock futures are slightly higher, with Dow futures up 12 points and Nasdaq-100 futures up 1.3%, indicating a positive open. The key development is the OPEC+ output hike and Hormuz recovery, which is bearish for oil and bullish for consumer/transportation sectors. No new MAG7-specific signals contradict the macro narrative. The previous situational awareness noted no new developments, and this window confirms the oil supply theme is escalating.