WS #10590

The dominant signal in this window is the continued de-escalation of the Strait of Hormuz crisis, with multiple sources confirming normalization. Trump claims Iran is not charging tolls for ships, Rubio discussed safe transit with UAE leadership, and oil tanker traffic is normalizing rapidly, with Brent falling to $75. Goldman Sachs cut its Q4 crude forecast to $80. This counters the bearish energy thesis. Separately, the US Senate approved an Iran war powers resolution, adding a geopolitical layer. In corporate news, Qualcomm agreed to acquire AI startup Modular, issuing up to 19.2M shares. Sunrun jumps 16% on a data center power partnership. TOYO tumbles 28% on a $50M share offering. ExlService to acquire iMerit for up to $310M. GTA 6 will cost $80, with physical edition containing no disc. France confirms first Ebola case in a doctor returning from DRC, though European risk remains low. The narrative arc for Hormuz is DE-ESCALATING, while the Israel-Lebanon situation remains ESCALATING with IDF strikes on Hezbollah.