Iran toggled Hormuz open then closed in 24 hours. The toggle is the signal, not the reopen. What Monday's open prices in before Wednesday's ceasefire expiration.

Friday afternoon ET Iran's FM announced the Strait of Hormuz was "completely open" to commercial traffic during the Israel-Lebanon ceasefire. WTI dropped over 10 percent in a session. Brent from $97 intraweek to around $84 by Friday close. Markets priced peace. By Saturday morning Iran had re-close