US-Iran Ceasefire: Oil Volatility vs. Risk Appetite Brent surged to ~$99.35/bbl (+63.24% YTD), with back-months pricing a sustained Hormuz disruption premium while front-month prints hover near $94–$95. The $Cboe Volatility Index(VIX)$ climbed to 19.50 as US equities sold off ( $S&P 500(.SPX)$ -0.63%, $NASDAQ(.IXIC)$ -0.59%). For Hong Kong positioning, this creates a sharpened binary: failure = oil gaps toward $100+, energy names rally ( $CNOOC(00883)$ , $PETROCHINA(00857)$ , $CHINA SHENHUA(01088)$ reporting Friday) but broad ris