WS #9988

The dominant narrative remains the US-Iran peace deal framework, which is driving oil below $80 and is expected to be formally signed on June 19 in Switzerland. The Strait of Hormuz reopening is confirmed, with traffic expected to return to normal by end of June or July. This is de-escalating the oil supply crisis. G7 plans to increase pressure on Russia, including tougher sanctions on oil and gas, are a carry-forward but with no new data. Ukraine's drone attack on Moscow refinery is also a carry-forward. A new development: DeepSeek closed a $7B+ funding round at a $50B+ valuation, which is a significant AI signal. The Fed rate decision is upcoming, but no new data. Salesforce's stock is on its longest losing streak due to AI acquisition anxiety. China stock gauge sinks as traders favor AI winners elsewhere. Oil holds near three-month low on US-Iran deal expectations. The narrative arc is STABLE for the US-Iran deal, with no escalation.