WS #5621

The dominant signal remains the US-Iran conflict escalation, with no new developments to alter the narrative. However, a new counter-signal emerges: the US has reportedly extended the ceasefire with Iran, which could dampen the bullish energy and bearish airline/consumer signals by reducing immediate conflict risks. This contrasts with the ongoing naval blockade and oil spill reports, creating a mixed sentiment. No other material new information has surfaced in this window.