WS #10120

The dominant narrative remains the US-Iran ceasefire deal (STABLE), with oil prices continuing to decline (WTI -2.5%, Brent -2.1%) as the Strait of Hormuz reopening progresses. CENTCOM announced the complete lifting of the naval blockade on Iran, and Trump denied a $300B payment to Iran. However, a counter-signal has emerged: shipping executives fear the deal's language will enable Iran to introduce transit fees after 60 days, creating uncertainty. Meanwhile, the Ukraine-Russia conflict is ESCALATING: Ukraine launched a massive drone attack on Moscow's Kapotnya refinery, knocking it offline for days, with Zelenskiy issuing threats. This is partially offsetting the oil bearishness from the Iran deal. In corporate news, Amazon announced it is expanding its Trainium AI chip strategy beyond AWS, directly challenging NVIDIA. Pfizer's CFO transition announcement caused a stock drop, but the company reaffirmed guidance. SpaceX bankers are preparing a $20B bond sale, and the stock tumbled post-IPO. Bitcoin plunged to $62,500, with crypto markets down 4%.