WS #4713

The data window shows a significant de-escalation in Middle East tensions, with the White House announcing that ship traffic through the Strait of Hormuz has resumed to 80% of normal pace, directly countering the previous blockade narrative and reducing immediate oil supply risks. This development is corroborated by multiple sources, including Reuters and Bloomberg, and is likely to dampen the bullish pressure on energy prices and bearish pressure on transportation sectors. Concurrently, U.S.-Iran ceasefire talks have progressed, with Iran agreeing to a temporary halt in hostilities, further stabilizing the geopolitical landscape. However, inflation data remains elevated at 3.3% in March, driven by prior oil spikes, which continues to complicate the Fed's rate decisions. In corporate news, no new material developments are reported, with previous downgrades and warnings still relevant but unchanged.