U.S.–Iran strikes ran five straight days this week: Iran opened it with weekend drone strikes on Oman, Trump floated and then shelved a 20% fee on Strait of Hormuz shipping while keeping a blockade on Iranian vessels, and the campaign widened across five countries by Friday. Crude owned that story. WTI gapped higher at the Sunday reopen, closed Monday up about 9%, and ground to an $81.85 high on Friday, an 11% week that made it the board’s runaway winner. The calendar’s main event mattered for about a day. June CPI printed the first monthly decline in six years, cooling to 3.5% against a 3.9% forecast, and traders dropped their July hike bets within minutes. Wednesday’s soft PPI extended the move. Then the other side answered: Warsh leaned against the dovish read in two days of testimony, Schmid and Logan added hawkish weight Thursday alongside strong claims and Philly Fed data, and the dollar closed the week near 100.74, roughly flat for a third straight week.