WS #10907

The dominant signal in this window is the continued escalation of the US-Iran conflict over the Strait of Hormuz, with Iran's Foreign Minister stating Tehran will restore its Strait of Hormuz management to pre-war conditions, and a new Al Jazeera analysis detailing how Article 5 of the MoU is causing confrontations. This is corroborated by a Polymarket trade on 'Iran successfully targets shipping on June 28' and 'Strait of Hormuz traffic returns to normal by July 31', indicating market participants are pricing in elevated risk. The narrative is ESCALATING, as both sides accuse each other of violating the MoU. Separately, Ukraine's drone campaign against Russian oil refineries continues with multiple sources confirming a strike on the Slavyansk refinery, with satellite imagery showing it still burning. This is corroborated by Euronews and a New York report. A Seeking Alpha report reveals Google is rationing AI capacity to Meta due to infrastructure crunch, highlighting AI demand outstripping supply and potentially benefiting GOOGL while pressuring META. The BIS warning on AI spending frenzy echoes historical manias, adding caution to tech sentiment. The US-Iran conflict escalation is the highest-significance development, with direct implications for energy stocks, airlines, and broader indices. The Ukraine refinery strikes sustain upward pressure on oil prices. The Google-Meta AI capacity rationing is a new development with direct implications for MAG7 tickers.