WS #14193

The US-Iran/Hormuz narrative remains stable-to-escalating with no counter-signals or de-escalation. Oil prices and affected tickers (XOM, CVX, DAL, UAL, MATX) continue to reflect the prevailing thesis. No new data points warrant updating the key developments list. This window carries 6 key development(s), 2 at significance:high: Iran rejects Trump's Hormuz territory claim; parliament debates oversight bills; US Treasury promises unprecedented sanctions on Iran. A further 4 development(s) sit below significance:high.