WS #14161

The US-Iran/Hormuz escalation narrative remains unchanged with no counter-signals or de-escalation detected. All current signals are consistent with the previously reported escalation, and no new data points have emerged to alter the market outlook. This window carries 5 key development(s), 3 at significance:high: Iran concludes diplomacy dead, prepares coordinated strike; GCC condemns attacks on ADNOC tankers; US pulls last aircraft carrier from Pacific to sustain Iran war, leaving western Pacific without carrier; Iran rejects Trump's claim that Strait of Hormuz will be declared US territory, vows to continue blockade. A further 2 development(s) sit below significance:high.