WS #10362

The Strait of Hormuz crisis narrative remains dominant but no new material developments have emerged in the last 30 minutes. The Iran walkout and bipartisan criticism were already captured. No counter-signals or de-escalation signals detected. The M&A and defense sector signals (Intertek/EQT, KNDS) and Micron guidance are unchanged from previous synthesis. The overall narrative arc for the Hormuz crisis is STABLE (no escalation or de-escalation in this window).