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What Comes Next

The five-day window Trump has opened is vanishingly small for resolving a conflict of this magnitude. Markets have priced in hope, but the fundamentals remain precarious: oil supply routes under threat, gold in historic retreat, European nations rearming, and millions of civilians across the Middle East and South Asia bearing the brunt of rising prices and uncertainty.

Whether this pause becomes a genuine off-ramp — or merely a brief intermission before the next escalation — will likely become clear by the end of the week.

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