WS #10482

The dominant theme in this window is the significant de-escalation of the US-Iran conflict, with multiple high-signal sources (BBC, Al Jazeera, Bloomberg) reporting that the US has temporarily waived oil sanctions and will release $12 billion in frozen Iranian funds in exchange for Iran's commitment to allow IAEA nuclear inspections and keep the Strait of Hormuz open. This is a major counter-signal to the prevailing bearish oil/geopolitical risk thesis. Separately, CrowdStrike insider selling continues with CEO George Kurtz selling 3,687 shares at ~$680, adding to the bearish signal for CRWD. Japan's flash manufacturing PMI came in at 54.9 (vs 54.5 prior), indicating expansion. The UK political crisis (Starmer resignation, Burnham ascension) is a UK-specific event with limited direct US market impact. Most other data (sports betting, routine earnings, generic news) is noise.