WS #10870

The dominant signal in this window is the confirmation of a US-Iran 60-day ceasefire MOU, with Strait of Hormuz tanker traffic accelerating and Persian Gulf exports recovering to ~75% of prewar levels. This directly counters the previous escalation narrative of an attack on a British tanker near the strait. The ceasefire is corroborated by a Bluesky post citing crude repricing and a Polymarket trade on Strait of Hormuz traffic returning to normal. Separately, a 4.8 magnitude aftershock hit near Venezuela, adding to the humanitarian crisis but with limited direct market impact. On the tech side, Salesforce ($CRM) continues to be highlighted as trading at 10.8x forward earnings with 205% AI ARR growth and 10% share repurchase, suggesting deep undervaluation. Bitcoin ETF outflows hit a monthly record of $4 billion, with BTC closing below $60K, signaling continued crypto weakness. The Iran ceasefire is the most significant development, likely to push oil prices lower and ease geopolitical risk premiums.