WS #12114

The US-Iran conflict continues to escalate with CENTCOM launching a fourth round of strikes against Iranian military targets this morning. Iran threatens to block UAE Fujairah and Saudi East-West pipelines in retaliation for the US naval blockade, stating 'oil and gas exports from the region: either for everyone or for no one.' This escalation threatens additional oil supply routes beyond the Strait of Hormuz, which has already seen shipping surge above 10 million barrels per day with US military support. The ECB is now repricing for a potential rate hike at its July 22 meeting due to soaring oil prices, with Bundesbank President Nagel warning of 'extremely volatile' conditions. Oil prices rose for the fourth consecutive session. In corporate news, Warren Buffett told CNBC he made a mistake not investing in Google earlier and that Alphabet is now 'more likely to be a winner,' with Berkshire Hathaway owning approximately $31 billion of GOOGL stock. This is corroborated by multiple sources. Apple Intelligence received China regulatory approval and will incorporate Alibaba's AI models, lifting both AAPL and BABA. BlackRock reported better-than-expected Q2 results with record $15 trillion AUM and boosted quarterly buybacks to $550 million. ASML shares traded higher after better-than-expected Q2 results. Nvidia CEO dismissed delay reports, saying next-gen Rubin AI tech is on track. China's economy grew at 4.3% in Q2, one of its lowest rates on record, missing the government's 4.5-5% target. The dominant macro theme remains the Iran conflict ESCALATING, with second-order effects on energy, airlines, and consumer stocks.