WS #10914

The dominant signal in this window is the escalating military confrontation in the Strait of Hormuz, with multiple sources reporting overnight clashes between US/Iran forces that threaten the fragile MoU and risk disrupting oil transit. A Saudi Aramco helicopter crash at Ras Tanura killed 14, adding to Gulf energy infrastructure concerns. Separately, Ukraine continues drone strikes on Russian refineries, sustaining pressure on Russian oil output. On the tech side, Micron is highlighted as the next Nvidia, with its market cap briefly surpassing Meta and Tesla, driven by AI memory demand. The European heatwave is intensifying with France reporting 1,000 excess deaths and Vienna hitting 40°C for the first time. The US-Iran conflict narrative is ESCALATING with new military incidents, while the Ukraine refinery strike campaign remains STABLE. No counter-signals to the prevailing bearish macro thesis were observed.