That was the exhale the entire tape needed.

Trump announces a two-week US-Iran ceasefire tied straight to safely reopening the Strait of Hormuz immediately. Markets are buying the de-escalation story hard. The war premium that had been building for weeks just got unwound in one session.

Oil caught the worst of it—WTI and Brent both down around 14% at one point. Brutal move that crushes the supply disruption narrative in a hurry. At the same time, Asian equities are in full relief-rally mode, India's Nifty is up over 3.5%, and US futures are ripping 2.5-3% higher across the board.

This is classic positioning reset. Shorts in crude getting squeezed, risk assets getting bid as the fear trade reverses. X is littered with traders calling it the exact relief they were positioned for.

The second-order effect here is huge: sharply lower energy prices should take meaningful pressure off inflation expectations. That alone gives equities more runway and changes the macro feel from "higher for longer" tension to something more constructive.

But here's the catch—implementation details are still trickling out. Cautious optimism is the right posture until we see if this actually holds. Geopolitical pauses like this can look beautiful on day one and fall apart fast.

I'm watching how European opens digest it, what happens to the dollar and bonds, and whether any follow-through buying sticks into the US session. If this ceasefire narrative firms up, the correlation shift across assets could run further than people think right now.

Anyone else rotating on this or sitting tight until we get more confirmation? What's your read on how sustainable the relief actually is?