[MARKET UPDATE]: New daily highs seen in oil as WSJ reports that Iran resumes ballistic missile production

Oil's response to Iranian missile-related headlines has followed a well-worn pattern: an initial risk-premium bid that proves durable only when the report implies a direct threat to supply infrastructure, shipping through the Strait of Hormuz, or the regional escalation ladder, and tends to fade when it reads as capacity restoration rather than imminent use. Resumption of ballistic missile production sits closer to the second category; it signals Tehran rebuilding deterrent capability after degradation, which matters for the geopolitical backdrop but does not by itself interrupt a single barrel. The distinction that has historically separated transient spikes from sustained repricing is whether the follow-through touches physical flows, via tanker insurance and freight rates, export loadings, or strikes on energy assets, versus remaining in the realm of military posturing. Form on the reporting side matters too: single-source attribution of this kind is often walked back, qualified, or denied, and past episodes have seen the crude premium retrace once official confirmation fails to materialise. The follow-ons worth noting are any Israeli or US official response, movement in Hormuz transit pricing, and whether the bid extends into timespreads and options skew or stays confined to the flat price headline trade. As it stands this is a headline-risk bid, the kind that has frequently been sold absent escalation.