[MARKET UPDATE]: Crude slides with stocks and bonds gaining as Pezeshkian comments get wider airing; "Iran should end war now that it is in a position of strength"

De-escalation language from an Iranian head of state fits a recurring pattern in Gulf conflict episodes: once one side frames itself as negotiating from strength, the risk premium built into crude begins to unwind, and the first move is typically a joint rally in equities and duration alongside the oil selloff, exactly the cross-asset signature here. The transmission channel is the geopolitical premium embedded in front-month Brent and WTI, not the physical balance; past episodes of this kind have seen that premium compress in steps as rhetoric softens, with freight rates and options skew normalizing after the flat price. The caveat embedded in prior form is that Iranian presidential messaging has historically carried less weight than signals from the Supreme Leader and the security establishment, so the durability of the move tends to hinge on whether the framing is echoed by the actors who actually control escalation decisions. Worth watching is whether the other belligerent reciprocates the language, any movement in shipping insurance and tanker rates through the Strait, and whether the term structure flips back toward contango as prompt scarcity pricing fades. Confirmation from official channels rather than press airing of remarks is the usual tell for whether the premium stays out.