What happened? . The US and Iran have agreed to two-week ceasefire. . Iran''s foreign minister has said that for a period of two weeks, safe passage through the Straits of Hormuz will be possible via coordination with Iran''s Armed Forces and with due consideration of technical limitations.'' Further details are limited. BNPP Company Valuation: Whilst we expect the fall in Brent prices to impact the performance of the stocks today, we re-highlight the scenarios we published last week: BIG OIL: Scenario modelling - that''s a lot of cash flow. Here we note that whilst the stocks have seen strong price reactions since the start of the conflict, both price scenarios suggest the EuroMajors (ex-EQNR) currently trade at 10% FCFY''s in 2027 at $80/bbl Brent. Note, in the scenarios we exclude the full impacts of working capital driven by the conflict. Shell has commented this morning that it expects a USD10-15bn working capital outflow given higher inventory and inventory funding costs associated with the Strait of Hormuz.