WS #8286

The dominant Iran conflict narrative shows a modest de-escalatory signal: commercial shipping through the Strait of Hormuz gained momentum as two non-Iranian supertankers exited the Persian Gulf, suggesting a potential easing of the blockade. This counters the previous bearish oil supply thesis. However, CENTCOM's denial of Project Freedom resumption remains a counterweight. The GDELT item on Iran war (Hindi) indicates continued tensions. Other items are noise: routine SEC filings, M&A, analyst notes, and non-market news. The Zscaler stock surge ahead of earnings is a minor positive for ZS but lacks corroboration. Overall, the narrative arc is DE-ESCALATING on the oil supply front, which could pressure oil prices and benefit airlines and consumer stocks.