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The market is beginning to price diplomatic progress before operational certainty. WTI at $76.35 and Brent at $81.50, both lower this week alongside reduced net longs, suggest some Hormuz risk premium is already being unwound. My read: an announced deal would matter less than evidence that transit, sanctions and insurance constraints can actually be resolved. With no official agreement and Iran denying concessions, execution remains the real test. Oil could stay sensitive to any gap between diplomatic language and restored commercial shipping. Not advice, just analysis. #HormuzTalksAdvance #OKXOrbit