Iran has reshuffled its military command, placing hardline figures in key positions and reinforcing a wartime posture rather than moving towards de-escalation. This decision comes amid ongoing tensions with the United States over the Strait of Hormuz, a strategic waterway that Iran uses as leverage in negotiations. The odds of a US-Iran agreement to reopen the strait by August 15 have dropped sharply from 62% to 14% over the past week. Markets remain attentive to diplomatic statements, particularly those of Iranian Foreign Minister Abbas Araghchi and US President Donald Trump.
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