WS #14154

The dominant US-Iran/Hormuz narrative remains in an escalating phase with no new counter-signals or de-escalation. The previous synthesis already captured the key market-moving items, and no new data points have emerged to warrant updating the outlook. This window carries 5 key development(s), 3 at significance:high: Iran strikes third ADNOC tanker in Strait of Hormuz; US warns of indefinite blockade; Trump threatens to declare Strait of Hormuz US territory; Iran rejects; AI chip stocks sell off: Applied Materials -5.1%, Broadcom -5.9% despite strong earnings. A further 2 development(s) sit below significance:high.