Key Market Insights Macros: Macro markets traded a sharp shift in tone Wednesday as traders aggressively pulled risk premium from the market on growing optimism surrounding a possible U.S.–Iran agreement. Crude oil briefly traded back below $89/barrel while the NASDAQ and S&P 500 pushed to fresh all-time highs, reflecting improving risk appetite and easing fears surrounding energy supply disruptions through the Strait of Hormuz. The catalyst was a series of reports suggesting the U.S. and Iran are moving closer to a framework agreement aimed at ending the conflict in the Gulf. The Trump Administration announced it was pausing “Project Freedom,” the U.S. operation designed to guide vessels safely through the Strait of H...