WS #11496

The dominant narrative of de-escalation in the Iran conflict and its deflationary impact on oil prices continues, with OPEC+ confirming a 188,000 bpd output increase for August and Strait of Hormuz shipping recovering. However, this window introduces several new high-significance developments. Russia launched a deadly missile and drone attack on Kyiv, killing at least seven, ahead of the NATO summit in Turkey, reintroducing geopolitical risk premium. Nvidia's next-gen Kyber AI rack system has been delayed to 2028 due to manufacturing snags, a bearish signal for NVDA and a potential opening for rivals AMD and GOOGL. The US ISM Services PMI beat expectations at 54.5, signaling a resilient services sector and mildly bullish for the economy. Gold holds near two-week highs after weak US jobs data, with spot gold around $4,175. The narrative arc is MIXED — the Iran de-escalation is STABLE, but the Russia-Ukraine escalation and Nvidia delay introduce new cross-currents.