Oil sinks as deal hopes hit the tape

AP reported oil down more than 4% as traders priced in a possible U.S.-Iran breakthrough, while Trading Economics showed WTI near $84 and Brent near $87. The Strait of Hormuz remains the implementation test, not just the headline catalyst.

Why this matters. The market is treating a possible signing as near-term supply relief, but the physical risk has not cleared until Hormuz reopening terms show up in shipping advisories, insurer guidance, and actual transit counts.