WS #11700
The US-Iran conflict has escalated dramatically, with President Trump declaring the ceasefire 'over' and the US launching a second day of airstrikes on Iranian targets, hitting approximately 90 sites. Iran has retaliated by striking US bases in Bahrain, Qatar, and Kuwait, and warned that the Strait of Hormuz will only reopen under 'Iranian arrangements.' Oil prices surged, with Brent crude near $79/barrel, and Strait of Hormuz traffic has ground to a near halt. This escalation reverses the previous de-escalation narrative and introduces significant supply disruption risk. Separately, Russia banned diesel exports until end of July due to Ukrainian refinery attacks, adding to global fuel supply tightness. In corporate news, Apple announced a $30B+ chip supply deal with Broadcom through 2031, and Meta is building a $9.17B data center in Canada. China's June CPI rose 1% YoY (below expectations) while PPI rose 4.1% YoY, indicating persistent deflationary pressures despite higher input costs.
Topics
Key developments
- Trump declares Iran ceasefire 'over'; US launches second day of airstrikes on 90 Iranian sites
- Iran warns Strait of Hormuz will only open under 'Iranian arrangements'; retaliates with strikes on US bases in Bahrain, Qatar, Kuwait
- Strait of Hormuz traffic grinds to near halt; only 14 commodity carriers crossed on Wednesday
- Russia bans diesel exports until end of July after Ukrainian refinery attacks trigger fuel shortages
- Apple signs $30B+ chip supply deal with Broadcom through 2031; Broadcom to invest $1.5B in Colorado facility
- Meta announces $9.17B investment in first Canadian data center in Alberta (1GW AI-optimized)
- China June CPI rises 1% YoY (below 1.1% expected), PPI rises 4.1% YoY; deflationary pressures persist