WS #14304

The dominant narrative remains the escalating US-Iran conflict, with oil prices surging as the Strait of Hormuz remains effectively closed. Brent crude climbed above $91/barrel, and WTI above $85, after a vessel was struck by a projectile while transiting the strait, causing a crew casualty. Iran's chief negotiator reiterated that Hormuz will remain shut until the US meets interim deal conditions, while the US has ruled out extending the ceasefire. Russia is reportedly shipping military supplies to Iran via the Caspian Sea, further escalating tensions. This is a high-significance, multi-source corroborated development (Reuters, UKMTO, Al Jazeera, multiple GDELT sources) that will continue to pressure energy prices and airline stocks while benefiting oil producers and refiners. The bond market selloff continues, with the 30-year Treasury yield at 5.327% and global yields at multi-decade highs, pressuring growth and tech stocks. In corporate news, Home Depot beat Q2 estimates but reaffirmed guidance amid 'frozen housing market conditions,' while Amer Sports and VNET Group also reported beats. Nvidia's $105 billion guarantee for OpenAI's Ohio data center is a major AI infrastructure commitment, supporting the AI capex narrative. Micron and Marvell are down premarket on AI memory complex concerns, while Fabrinet tumbled despite an earnings beat on softer Q1 guidance.