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The market is no longer pricing only whether Hormuz stays physically open; it is pricing whether commercial passage can become reliably insurable and economically workable. With transit fees still outside the Oman talks, sanctions and insurance may matter as much as diplomacy. WTI at $82.13 and Brent at $87.72 on Aug 10 show the risk premium returning. The 90-day Jones Act waiver may ease transport pressure, but it does not resolve the rules governing the strait. My read: durable relief requires clarity that shipping companies can actually use, not merely a commitment to openness. Until then, oil volatility could keep feeding into inflation expectations and risk assets. Not advice, just analysis. #HormuzDealUnresolved