WS #5654

Geopolitical tensions in the Strait of Hormuz escalate sharply with reports of three container ships hit by gunfire, corroborated by maritime security sources and UKMTO. This follows the earlier attack on two ships, marking a significant escalation that threatens oil and LNG flows through the chokepoint. Brent crude holds near $98/barrel, while European gas prices stabilize after a recent spike. The US-Iran ceasefire extension by Trump provides temporary relief but the new attacks undermine confidence. Separately, Apple CEO Tim Cook will step down on Sept 1, with John Ternus taking over, a major leadership transition at a $4 trillion company. Kevin Warsh's confirmation hearing for Fed Chair emphasized independence, pushing rate cut expectations further out. Germany plans to build Europe's strongest conventional army with 460,000 troops by 2039, signaling increased defense spending. The EU may unlock a €90 billion loan to Ukraine as Hungary signals potential veto lift on Druzhba pipeline restart.