Iran says armed forces will deliver ‘devastating response’ to aggressors

A public threat with no stated timing or target is itself the signal: it keeps escalation risk priced in without committing to anything verifiable. The main transmission channel is energy and shipping exposure, since regional tension tends to hit risk appetite before it hits fundamentals. Whether this stays rhetorical or acquires operational detail is the open question worth tracking, along with any signs of de-escalation from the parties involved.