The Iran deal lifting supply pressure should be champagne-popping material for energy bulls. Instead, [crude's rolling back to preconflict lows](https://www.marketwatch.com/story/u-s-oil-prices-fall-back-to-preconflict-levels-as-physical-flow-through-the-strait-of-hormuz-improves-d7c910c3?mod=mw_rss_topstories) while 35 million barrels flood through Hormuz—classic bearish divergence.

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