The market spent most of this week pricing in a reopening. Then Fars published the draft, and the trade unwound in about an hour. Brent settled Thursday at $82.49, up 3.8%. WTI closed at $77.29, up 2.8%. Friday morning added another 1.25% on Brent and 1.10% on WTI, putting the international benchmark near $83.50. That still leaves the week down roughly 8%, because Monday and Tuesday were spent on the assumption that a deal was imminent.

The United States spent four months building a legal and moral case against tolls in the Strait of Hormuz. On June 24, Trump called any fee on transiting shipping unacceptable. Marco Rubio, asked about the distinction between a fee and a toll, said there wasn’t one — it was an international waterway, and no nation on Earth supported paying to cross it. Washington told the Gulf states, told Singapore, told the European Commission, and told Beijing that the principle was not negotiable.