I take this as good news that the two issues are being linked by the US.

We may be seeing some kind of final flurry of strikes before the Strait is opened and Israel and Lebanon have a ceasefire as well. The market is also taking this as good news as the S&P 500 ticks into positive territory.

For me, the strongest signal here continues to be that Trump wants this war to end. Does he want it to end enough to twist Bibi’s arm? It looks like Iran has tied the issues definitively so that puts them in a bind.