Data as-of the 2026-08-07 settled close (Friday's close). Numbers read directly from geopolitical — no prose math.

The oil complex cooled hard across every layer of the book this scan while the safe havens finally caught the bid that was missing a week ago. Every upstream producer and both refiners posted a negative or flat weekly print — EOG's -9.38% weekly slide is the sharpest in the group — after last scan's uniform reacceleration. Dated coverage ties the reversal to reported US-Iran talks on reopening the Strait of Hormuz (Bloomberg, Aug 3; CNBC, Aug 4 — oil fell on reports a deal could arrive that week). On the other side of the ledger, the safe havens that gave no confirming bid last scan reversed hard: GLD climbed to RSI 65.3 (+7.25% on the week), SLV to RSI 60.0 (+9.82%), and GDX to RSI 70.3 — now the only overbought reading in this file, up +21.31% over 30 days. TLT also firmed off last scan's near-oversold read (RSI 31.6→43.0). Defense's leading primes (RTX, LMT, GD) remain the strongest reads in the sector, and LHX — last scan's one crack in the complex — is showing early signs of technical repair.

Upstream

• Every upstream name posted a negative weekly print — a complete reversal from last scan's uniformly strong-up cohort — led by EOG's -9.38% slide and CVX's -5.22%.
• EOG is now the weakest reading of the group (RSI 43.5) despite remaining the closest to its 52-week high (-11.62%); DVN is the only other name tagged weak-down.

Services

• SLB is the one name in the entire oil complex that held a positive weekly print (+1.9%), still tagged strong-up.
• HAL remains the clear laggard of the oil complex — the only name here below RSI 40, -27.0% from its 52-week high, with a 30-day drawdown that widened to -8.81%.

Refiners

Both refiners cooled sharply off last scan's near-overbought reads (VLO 65.7→53.5, PSX 69.7→56.1) but both stayed positive on 30 days (VLO +5.86%, PSX +8.57%) — a pullback inside an uptrend rather than a broken trend.

All four energy ETFs cooled from last scan's double-digit 30-day gains to single-digit prints — USO's -8.66% weekly slide is the sharpest reversal in the group, tracking the reported Hormuz-talks headline. OIH is the lone exception, posting a small positive week (+0.9%) even as it stays tagged weak-down.

Four of five names in this section caught a bid this scan — a complete reversal from last scan's "no confirming safe-haven bid anywhere" read. GLD, SLV, and GDX all posted strong weekly gains (GDX's +21.31% is the largest move in the entire file), with GDX now the only outright overbought reading anywhere in this book. TLT firmed off last scan's near-oversold RSI 31.6 to 43.0, still tagged strong-down in a downtrend regime but no longer flirting with the oversold line. The dollar (UUP) is the one holdout — still RSI 39.5, essentially unchanged and still weak-down. Dated coverage attributes the metals move to fading Fed rate-hike expectations tied to the same reported Hormuz progress that sold off oil, not a classic flight-to-safety trade — a mechanism worth distinguishing from a fear-driven haven bid.

RTX pushed further into overbought this scan (RSI 76.1, up from 70.7) — still the only defense prime crossing that line and now the only overbought name in this entire file's Defense Quick Look table. LHX, last scan's one large-cap showing real technical damage, recovered to RSI 47.6 on a +3.47% weekly gain — not yet a confirmed reversal. Full sector detail, including the small-cap supply chain (BWXT, TTMI, LEU) that sits outside this table: 2026-08-08-defense-contractors.md.

EOG is the clearest loser in the oil complex this scan — its -9.38% weekly slide is the sharpest reversal in the entire upstream cohort, flipping from RSI 65.0 last scan to 43.5. HAL remains the weakest name in the oil complex on an absolute basis (RSI 39.9, -27.0% from its 52-week high), with its 30-day drawdown widening to -8.81%. The dollar (UUP, RSI 39.5) is the one holdout among the safe havens that still hasn't turned.

• Oil cooled sector-wide for the first time in this series — upstream, refiners, and ETFs all reversed from last scan's uniform strength, led by EOG (-9.38%) and USO (-8.66%), tracking reported progress on reopening the Strait of Hormuz.
• The safe-haven bid that was missing last scan finally confirmed: GLD, SLV, and GDX all posted double-digit-adjacent weekly gains, with GDX becoming the only outright overbought name in this file. Dated coverage frames this as a rate-cut repricing tied to the same Hormuz headlines, not a classic fear trade — worth distinguishing the mechanism from a traditional flight-to-safety signal.
• Defense's leading primes (RTX, LMT, GD) remain the strongest reads in the sector; LHX's recovery (+3.47% on the week) is the first sign of repair after last scan's -7.71% slide — see the companion 2026-08-08-defense-contractors.md for the small-cap supply chain detail (TTMI, BWXT, LEU).
• No stale-data flag this scan — every ticker in this file, including VLO (flagged one session behind last scan), carries a matching 2026-08-07 latest date.

• Whether GDX's move into overbought (RSI 70.3, +21.31% weekly) extends or cools — the sharpest single-scan reversal in this file's history.
• Whether the oil complex's reversal (EOG -9.38%, USO -8.66%) deepens if reported Hormuz talks progress further, or the sector snaps back if talks stall.
• Whether TLT's continued firming (RSI 31.6→43.0) eventually confirms a full reversal out of its downtrend regime, or the dollar (UUP, still RSI 39.5) stays the one holdout among havens.
• Whether LHX's recovery is durable or a one-week bounce — full sector detail in the companion 2026-08-08-defense-contractors.md scan.