S&P 500 5,605 ↓ · EUR/USD 1.083 ↓ · Brent $112.57 ↑ · 10Y UST 4.42% ↑ · Gold $4,524 ↓ · VIX 31.05 ↑
A month into the Iran war, disruptions are calcifying into permanent structures — from Tehran's draft toll law on Hormuz to the first military strikes on cloud infrastructure — and the political cost of alignment with Washington is rising from Copenhagen t…