Good morning. Iran peace progress is the only story this morning. Rubio called the talks "good signs", an Iranian official said the gaps are narrowing, and risk assets all over the world are taking the cue. Asia closed up, Europe opening up, oil bouncing, yields cooling. The week ends with the same headline that started it, only now markets are believing it.

Oil rebounded after Thursday's slide. Brent +2.96% to $105.62, WTI +2.46% to $98.68. Hormuz is still technically not back to normal, but the risk premium that was bleeding off yesterday is finding a base. Iran's Supreme Leader put out a directive saying no enriched uranium leaves the country, which is the next sticking point with Trump.

Europe opening in the green. Stoxx 600 +0.5%, DAX +0.4%, CAC 40 +0.4%, FTSE 100 +0.3%. Same Iran trade. No big macro on the calendar in Europe this morning, so the tape is purely sentiment-driven.

US futures pointing higher after Thursday's quiet rebound. S&P closed +0.2%, Dow +0.5%, Nasdaq +0.3%. Nvidia finished -0.9% despite the blowout print, which set the tone for "good news is priced in" yesterday. Today's question is whether Iran can overpower that fatigue.

Asia was the standout. Nikkei 225 +2.68% to 63,339, Topix +1.0%. Both following the peace headline.

Crypto holding the bid. BTC around $77,400, ETH around $2,120. Both clung to the $76K floor through the week and now get a tailwind from softer yields. The 10-year cooled to 4.57%, the 30-year to 5.09%, off the multi-year highs from earlier in the week. Gold at $4,524, down a touch on the risk-on tone but still in the long structural bull case.

Calendar today: no major US data, but Fed speakers on the wire all morning and the SpaceX IPO roadshow countdown is now under two weeks. Light economic day, heavy headline day.

The setup is clean. If Iran holds together into the weekend, Monday's open could be the start of a different week.

That's the setup. Let's see how it plays out.