WS #14267

The dominant Middle East escalation narrative remains unchanged, with no new data points, counter-signals, or de-escalation signals detected. The situation is stable relative to the previous synthesis, and no new market-moving information has emerged. This window carries 5 key development(s), 3 at significance:high: US-Iran ceasefire expires; Iran shifts to 'fully offensive' posture, threatens Hormuz attack; Nvidia guarantees up to $105B for OpenAI's Ohio data center, invests $1.5B in SB Energy; US 30-year Treasury yield hits 5.3%, highest since 2007. A further 2 development(s) sit below significance:high.