Good thing I was firmly bearish on WTI. Woke up to find WTI had dropped significantly—no need to guess, it must be because the U.S. and Iran reached an agreement. When I went to bed, the Iranian delegation was still refusing to negotiate, but turns out they resumed talks again. Based on the updates from Iran — — 1. Iran stated there’s been good progress in releasing Iranian assets and lifting oil sanctions. 2. Iran announced a mechanism has been established to manage passage through the Strait of Hormuz. 3. The U.S. and Iran have formed a high-level committee to oversee talks, aiming to reach an agreement within the next 60 days. 4. The U.S. and Iran will set up a deconfliction working group to ensure military operations in Lebanon come to an end.