WS #10402

The dominant signal in this window is the confirmed progress in US-Iran talks, with multiple high-credibility sources (Al Jazeera, Guardian, Bloomberg, BBC) reporting 'encouraging progress' and a 60-day roadmap toward a final deal. This is a major de-escalation that counters the prevailing oil supply crisis narrative, with Brent crude already sliding. The Strait of Hormuz normalization is a key second-order effect. Separately, China has hit 56 US companies with export controls and procurement bans in retaliation for the Pentagon blacklist, escalating trade tensions. This directly impacts affected US firms. Ukraine continues to strike Russian oil infrastructure, with Crimea halting fuel sales after drone strikes on supply routes. WiseTech stock plunges 14% on police investigation into founder. SK Hynix overtakes Samsung as South Korea's most valuable company. The narrative arc is: US-Iran de-escalation is ESCALATING (more details emerging), China trade retaliation is a new bearish trade war factor, and Ukraine oil strikes are a persistent bullish oil supply risk.