WS #13704

No material new developments in the last 30 minutes. The Strait of Hormuz crisis narrative remains unchanged, with no new data points on the military escalation, diplomatic off-ramp, or oil supply disruption. The previous synthesis already captured the key elements: Iran's nine-condition document, the ADNOC tanker attack, the Iran-Oman shipping deal talks, and the Clarity Act advancement. No counter-signals or de-escalation developments have emerged in this window. The market narrative is stable, with oil prices likely to remain volatile but no fresh catalysts to alter the prevailing thesis.