伊朗停火——風險延後，但並未消除

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The centrality of the Strait

The Strait of Hormuz will be the central test. Iran's language around "safe passage" preserves Islamic Revolutionary Guard Corps (IRGC) coordination and discretion, reinforcing my message that control over the waterway — rather than denial of access — is Tehran's preferred form of leverage.

For commercial shipping, the distinction matters. Physical access can resume well before insurers and shipowners regain confidence. Until war risk premia fall and operating rules are credibly enforced, flows are likely to normalize slowly and unevenly. In other words, reopening is not normalization, and markets tend to underestimate that gap.

Diplomatically, the ceasefire creates space — but space alone does not guarantee progress. For this two-week pause to harden into something durable, negotiations will have to confront two core issues directly. First, the status of IRGC control over the Strait of Hormuz: whether Iran retains de facto gatekeeping authority or accepts a more neutral navigation regime with credible guarantees. Second, the status of Iran's nuclear program: inspections, enrichment limits, and verification. Without movement on these fronts, the ceasefire risks becoming a rolling series of extensions — or breaking under pressure as leverage is reapplied.

What to watch from here

Over the next two weeks, markets are likely to remain highly event driven, sensitive to headlines around maritime incidents, missile launches, proxy activity, insurance guidance, and diplomatic signaling. The dispersion across assets — and within sectors — should remain elevated.

The key signposts are clear. Watch for sustained compliance on the military side, especially in and around the Strait of Hormuz. Watch insurance and shipping guidance more closely than political statements. Watch whether negotiations move beyond process to substance on Hormuz governance and the nuclear issue. And watch whether excluded theaters, particularly Lebanon, begin to bleed back into the broader conflict.

This ceasefire matters. It changes the near term probability distribution. But until the core dynamics are addressed, I think it's best understood as a fragile holding pattern — one that reduces immediate risk while leaving duration, volatility, and strategic uncertainty firmly in place.