Iran Deal Text Circulates as First LNG Tanker Clears Hormuz Overnight

The Iran deal is arriving as fact before announcement. An LNG tanker carrying Indian cargo cleared the Strait of Hormuz overnight, the first since the war began, confirming the corridor is reopening ahead of any signed text. Trump placed it 'largely negotiated' in Sunday remarks, with formal Strait reopening as the centerpiece. Charmaine Lo's weekend retrospective names the week correctly: four certified flats, twenty-four aircraft, two hundred dead, ran below the level of what actually shifted. What shifted is the route carrying a fifth of global LNG, and every APAC energy buyer's forward book is being repriced this morning. The ECB's Kocher said Friday that a June rate hike is base case absent a durable peace, putting Frankfurt on a Vienna timeline that every Asian rate desk should be watching. In Seoul, single-stock leveraged ETFs debut this week into the world's most volatile retail market, timed against an unresolved Hormuz risk premium. China's coal mine explosion killed 82, the worst disaster since 2010, complicating the energy security rationale Xi used to justify the production surge that cushioned China through the war shock. Watch the deal text out of Vienna and ECB language into the close.