Iran's deputy FM just came out of talks in Doha — brought up US ceasefire violations in Lebanon, the military buildup, and made it clear the MoU isn't à la carte. Either all of it or none of it.

They also set up an emergency comms line and agreed to unlock part of that $6B in frozen funds for essentials.

Not exactly market-moving, but worth watching. Regional tension usually finds its way into risk-off plays eventually.