US and Iran are playing nice for oil
Forget the shouting match; for the next sixty days, the US is buying Iranian oil and everyone is pretending it's a normal Tuesday.
After a weekend of everyone screaming about the Strait of Hormuz closing, the US Treasury just quietly signed off on letting Iran sell its oil for two months. Scott Bessent calls it productive, while JD Vance is out here talking about great progress.
The tankers that were ghosting everyone have suddenly flipped their transponders back on. This deal effectively turns the tap back on for Iranian crude to hit US markets in exchange for a temporary promise to keep the shipping lanes open. It is a classic geopolitical pivot: one day you are blockading the world's most important waterway, and the next you are getting paid in US dollars.
It is fascinating how fast a crisis disappears when the price of gas is involved.
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