Oil Prices Crash as Traders Bet the War Is Over

The oil market just did something remarkable. After spending months pricing in tanker attacks, shut-in production, damaged LNG facilities, and the largest supply disruption in modern oil market history, traders are suddenly betting the crisis is ending. Brent crude futures fell below $79 per barrel on Tuesday, its lowest level since March, after the United States and Iran digitally signed a peace agreement that includes the reopening of the Strait of Hormuz and the immediate return of Iranian oil sales to global markets. The selloff has been relentless.…