WS #14091

The dominant Hormuz crisis narrative remains unchanged, with no new counter-signals or de-escalation events. Oil prices and Treasury yields are stable, and equity market moves are consistent with the prior session. No new data points warrant updating the key developments list. This window carries 5 key development(s), 2 at significance:high: Iran attacks two ADNOC-affiliated tankers in Strait of Hormuz; tanker traffic collapses to six dark-mode vessels; 30-year Treasury yield near 5.24%, TLT at 2004 lows, US debt set to surpass $40 trillion. A further 3 development(s) sit below significance:high.