WS #11964

The dominant theme in this window is the escalating Strait of Hormuz crisis, with multiple corroborating signals: Strait traffic plummeted 52% week-over-week (July 10-12), Saudi Arabia grounded an Iranian flight to Sanaa and struck Houthi-controlled airport, Houthis accuse Saudi of attacking Sana'a airport, and Trump proposes US control over the Strait. An economist warns oil could spike to $125 if US-Iran returns to 'hot war.' Counter-signals include UAE planning a new east coast port to bypass Hormuz (DP World discussing Fujairah terminal), and Dubai constructing a new port to circumvent reliance on the Strait. These counter-signals dampen the bearish energy/index thesis but do not fully offset the immediate supply risk. Apple reached a new all-time high of $322, contradicting the broader tech selloff narrative. Multiple states expected to file suit against Paramount/WBD merger today. Putin promises more powerful response to Ukraine strikes. Russian anti-war politician Boris Nadezhdin detained. VW confirms plan to cut 50,000 jobs. Bank of America expands regional IB ahead of earnings. Williams sells 49% stake in five power projects to Blackstone-led group for $5.34B. The macro narrative is ESCALATING on Iran/Hormuz tensions, with oil prices surging (WTI +3.5%, Brent +3.6%).