WS #10178

The dominant signal in this window is the further escalation of Strait of Hormuz transit restrictions, with Iran's Persian Gulf Strait Authority issuing new procedures requiring 48-hour advance notice and warning that requests through unofficial channels will not be considered. This follows the preliminary US-Iran MOU, but the new bureaucratic hurdles introduce operational uncertainty for oil tanker transit. Separately, Jio Platforms filed its DRHP for an IPO, confirming proceeds of 275 billion rupees for debt prepayment and a customer base of 524.4 million. Crypto markets continue to weaken, with bitcoin falling for a fourth straight day below $62,400, driven by concerns over Strategy's STRC preferred stock and miner capitulation. Counter-signals: Iran's Strait authority stated passage will be granted to vessels complying with requirements, partially offsetting the bearish oil supply disruption thesis. Narrative arc on geopolitical risk is ESCALATING (Strait of Hormuz); Jio IPO is new; crypto selloff is new.