[Bessent's Strait of Hormuz deal talks](https://www.cnbc.com/2026/08/04/bessent-says-there-may-be-deal-tuesday-or-wednesday-to-open-strait-of-hormuz-with-freedom-of-movement.html) are being treated as a bullish signal for energy, but here's what everyone's missing: the moment that strait opens, the premium evaporates instantly, and margins collapse right back to normalized crack spreads.

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