WS #5443

The Strait of Hormuz crisis remains the dominant market-moving signal, with no new developments reported in the last 10 minutes to alter the narrative. The situation continues to involve Iran's closure of the strait, emergency meetings, and accusations against the U.S., as previously detailed. No counter-signals, de-escalation measures, or significant new events have emerged in this window, maintaining high geopolitical risk and potential upward pressure on crude prices. Other signals, such as the Ukraine drone attacks and Vitol Group's profits, remain unchanged and secondary in impact.