// COMPARE

WTI slipped to $88.48 (-0.23%), giving back overnight gains as Hormuz ceasefire optimism overcame US-strike concerns. Tight range as traders waited for the next Iran headline.

Oil is trading the binary — every Iran news cycle whipsaws the tape. The underlying physical market remains tight (OPEC+ disciplined), but headline risk dominates positioning until resolution.

Any Hormuz deal confirmation pushes to $85; failure or fresh escalation reopens $95. Weekly EIA inventories Wednesday remain in the background. $90 is the headline-driven pivot.

Dow ground out a marginal +0.05% to 50,669, lagging tech-led peers as defensives and rate-sensitives waited for Friday's PCE inflation print before committing.

Dow is the cyclical/value side of the record-high party — without a fresh rotation catalyst, it tracks but doesn't lead. The Iran-deal trade benefits transports and energy unevenly.

PCE inflation Friday — a hot print would hit rate-sensitive Dow components first. 51,000 is the round-number target; support 50,200. Energy weight matters if oil headlines whipsaw.