WS #5650

The primary signal in this window is the continued escalation of the Strait of Hormuz conflict, with an IRGC gunboat firing on a container vessel off Oman, causing significant damage. This contradicts Trump's ceasefire extension and reignites geopolitical risk. The situation is compounded by Iran's refusal to negotiate and calls the blockade an 'act of war'. In corporate news, Nordea traders suffered losses on surging interest rate outlook, indicating potential stress in European banking. European equities opened cautiously higher on the Iran truce, but the attack undermines that optimism. The Allianz Trade insolvency study warns of a 6% rise in global insolvencies due to the Middle East conflict, double previous estimates. Lufthansa is canceling 20,000 flights due to fuel shortages, a direct impact of the energy crisis. Big Oil is estimated to be making $30 million per hour from the war, highlighting sector divergence.