Good morning. Trump woke everyone up by saying the Iran ceasefire is 'on massive life support, where the doctor walks in and says, Sir, your loved one has approximately a 1% chance of living.' Oil ripped 3%, equities found a bid anyway, and CPI tomorrow is the binary print everyone is bracing for.

Brent settled at $104.21, WTI at $98.07, both up nearly 3% on the session after Trump rejected Tehran's counterproposal. The Strait of Hormuz stays effectively shut, traffic disrupted, and the war premium is back to driving every other asset class. Inflation pass-through is the real worry, which is why tomorrow's print matters so much.

Europe stayed firm into the close, with traders looking past oil to the CPI setup and the Powell-Warsh handoff Friday. DAX held its ground, FTSE quiet, focus shifting to euro zone industrial data later this week.

Stateside the S&P 500 and Nasdaq both printed fresh closing records, 7,398 and 29,234, despite the Iran headline. Chips kept extending, the rest of the tape consolidated. Pretty remarkable when oil's up 3% on the same day.

Asia was mixed overnight. Nikkei finished 0.47% lower at 62,417.88, Hang Seng flat in the final hour, but Kospi ripped 4.32% to 7,822.24 and CSI 300 added 1.64%. Korea continues to lead.

Crypto opened strong then faded. BTC tagged $82,164 at the open before pulling back to around $80,972 by mid-morning ET. ETH did the same dance, $2,369 to $2,331. Gold sits at $4,717 spot, holding firm but not spiking, which says the dollar weakness story is still the main bid.

Today's calendar is light pre-CPI. Powell's term ends Friday, Senate vote on Warsh likely mid-week.

Iran put the inflation tape back on the table just in time for CPI. The setup is binary.

Stay sharp out there.