Oil priced out the war on a half-signed truce

A US–Iran memorandum to reopen the Strait of Hormuz wiped the war premium off the energy complex — Brent fell 13% to $81. The catch: only one of the two attackers signed it, and the party still shooting isn't bound by anything. We unpack a market that priced a peace it can't enforce — and what gold, copper and aluminium were really trading on instead.