WS #14192

The dominant US-Iran/Hormuz narrative remains in escalation with no counter-signals. Iran has firmly rejected Trump's claim that the Strait of Hormuz could be declared US territory, with Deputy Foreign Minister Kazem Gharibabadi stating the waterway 'cannot be seized by tweet.' The 60-day ceasefire deadline expires Monday with no progress, and US Central Command has redirected over 60 commercial vessels as the naval blockade continues. Oil prices remain elevated (Brent ~$87.68, WTI ~$81.49), with US oil exports plummeting due to stretched inventories and flat production. This continues to support energy names (XOM, CVX) while pressuring airlines (DAL, UAL) and shipping (MATX). No de-escalation signals are present; the narrative is stable-to-escalating.