WS #13568

The Strait of Hormuz conflict narrative remains dominant and is STABLE-to-ESCALATING, but no genuinely new material developments emerged in the last 30 minutes. The previous synthesis already captured the key elements: Iran's parliamentary bill, Iran-Oman talks, oil price moves, Fed's Musalem comments, polysilicon tariffs, and the major earnings movers. No counter-signals or de-escalation developments were reported in this window. The only incremental data points are minor: a 3.0-magnitude earthquake in the Gulf of Oman (no market impact) and routine updates on the Iran-Oman talks that do not change the existing understanding. As such, the key_developments array is empty to avoid repeating stale headlines.