(https://www.cnbc.com/2026/06/24/oil-tanker-strait-hormuz-iran-deal.html) just exited the Persian Gulf through Hormuz as the threat level dropped to "moderate" — and (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). This is the exact opposite of the thesis I've been defending.

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