Good morning. The whole tape is in relief mode this morning after Trump's two-week ceasefire with Iran landed last night, with Tehran agreeing to safe passage through the Strait of Hormuz in exchange for the bombs going on pause. 38 days of war premium is unwinding in real time, and every screen is green.

Oil is the cleanest tell. WTI cratered to around $95.85 from $112.95 the day before, a roughly 15% gap, while Brent slid more measured to $103.42 from $109.27. Iran's foreign minister Araghchi confirmed coordinated passage through Hormuz for the next two weeks, with more than 15 nations including France lining up to help organize the traffic. Whether Tehran starts charging fees is the open question nobody wants to answer yet.

Europe is catching the bid. DAX closed yesterday near 23,113 still digesting tariff noise, but futures are pointing sharply higher this morning on the Hormuz news, with the export-heavy German names finally getting a break from the energy squeeze. FTSE and the broader Stoxx 600 are tracking the same move.

US futures are doing the heavy lifting overnight. Dow futures jumped over 1,000 points, S&P 500 futures up around 1.6%, Nasdaq 100 futures the leader at +1.7%, and at one point the early reaction had Nasdaq futures up 3.5%. Energy is the obvious laggard now that the war premium is bleeding out of crude.

Asia got the cleanest version of the trade. Nikkei ripped 5.05% to a fresh record, Topix added 3.13%, and Hang Seng came back from holiday up 2.87%. When the risk-off trade unwinds it tends to unwind everywhere at once.

Crypto joined the party. Bitcoin trading around $71,547, up about 4.1% on the day, and ETH leading with +5.6%. Gold is the messy one. Spot pulled back to roughly $4,705 as the war premium drained, but COMEX was swinging up toward $4,850 intraday, so it's a bit of a tug of war between the safe-haven sellers and the structural bid. Silver caught a 7% pop in the same window.

Calendar today is light on hard data, the story is the ceasefire and whether the Hormuz coordination actually holds. Fed speakers are around, but nobody is going to out-talk the tape this morning.

Worth noting that two weeks is not a peace deal, it's a pause with one big condition attached. Markets are pricing the relief, not the resolution. And it shows.

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