Part 2/13:
While Iran’s response to the US-led strikes appeared weak—firing 14 missiles, with 13 intercepted and one “set free”—markets and analysts viewed Iran’s move as a strategic off-ramp. Oil futures dropped, reflecting a consensus that Iran was seeking to de-escalate. Nevertheless, the core issue remains unresolved: the status of Iran's nuclear stockpile, particularly the highly-enriched uranium.