WS #12377

The US-Iran conflict continues to escalate, with new reports confirming an IRGC Navy drone attack on a tanker in the Strait of Hormuz, and significant damage to Kuwaiti water and oil infrastructure from Iranian strikes. The EU and Gulf states jointly rejected Iranian claims over the Strait, while Iran officially suspended the Islamabad MoU ceasefire. Oil prices are surging, with WTI up 4.42% and Brent up 4.59% in the last 24 hours. Separately, the US imposed 25% tariffs on Brazil, effective July 22, and Shein gained Beijing approval for a Hong Kong IPO. Goldman Sachs advised looking beyond AI stocks, while Micron and Sandisk continue to benefit from AI memory demand. The dominant theme is US-Iran escalation, which is escalating.