Trump says war is “very close to over”

Good morning, wonderful people, and happy FRIDAY to you all. We’re going to jinx it if we say it aloud, but this morning’s issue makes us feel as if we’re (inching? crawling?) toward normalcy.

The Donald says the war is “very close to over” (stop us if you’re heard that one before) and kids in Dubai are heading back to the classroom on Monday, to the immense relief of parents across the city.

The counterpoint: The US blockade of Hormuz is “fully implemented,” the US Central Command said overnight, and chatter across the region is that we’re months away from a permanent ceasefire agreement.

Leading the stack today: Saudi Arabia’s PIF is pushing ahead with a big recalibration that will test whether international businesses came to town to invest or to simply put their hand in MbS’ piggy bank — and the war premium is fading in the regional debt markets.

^^ We have the rundown on both stories — and plenty more — below. See you folks back here on Monday. –Patrick and Salma