WS #10393

The dominant theme in this window is a significant de-escalation in US-Iran tensions, directly countering the prior narrative of escalation. Multiple sources (Bluesky posts citing Reuters, CNBC, and Bloomberg) report that Qatar and Pakistan have issued a joint statement confirming a high-level committee has agreed on a roadmap towards a final US-Iran deal within 60 days. Iran's foreign ministry also reported 'good progress' in Swiss talks. This has caused Brent crude futures to turn negative and US Treasuries to pare losses. Separately, China has escalated trade tensions by adding 10 US entities to an export control list and banning 46 US companies from government procurement, a direct retaliation that could weigh on US equities. UK PM Starmer's resignation narrative continues but with no new data. The US-Iran de-escalation is the highest-signal development, directly countering the prior bearish oil/risk-off thesis.