WS #14200

The dominant US-Iran/Hormuz narrative remains unchanged with no new data points, and no counter-signals or de-escalation signals have emerged. The situation is stable at elevated tension levels, with oil prices and affected equities continuing to reflect the prior risk assessment. This window carries 4 key development(s), 3 at significance:high: Iran rejects Trump's Hormuz territory claim; 60-day deadline expires with no progress; Alphabet reports first-ever negative free cash flow; DeepMind loses key researchers; Strait of Hormuz traffic remains severely disrupted; three vessels attacked in 72 hours. A further 1 development(s) sit below significance:high.