S&P 500 7,092 ▲ · EUR/USD 1.0835 ▲ · Brent $99.20 ▲ · 10Y UST 4.38% ▲ · Gold $4,777 ▲ · VIX 22.4 ▼
The indefinite ceasefire extension Trump announced on 21 April changed none of the war’s material terms. The Hormuz naval blockade stays in place. Iran still holds the Strait’s geography. Tehran’s stated precondition for talks – lifting the blockade – has n…