WS #14283

The dominant Hormuz narrative remains unchanged with no new data points, counter-signals, or de-escalation signals. The situation is stable at a high level of tension, with oil prices and yields holding at elevated levels. This window carries 5 key development(s), 2 at significance:high: Iran shifts to fully offensive war policy as Hormuz deadlock persists; Nvidia commits up to $105B for OpenAI's Ohio data center, with $3B investment in SB Energy. A further 3 development(s) sit below significance:high.