Oil traders have gone from pricing in the worst supply disruption in modern history to pricing in a recovery that hasn't happened yet.

Brent crude falls to $83 as an interim US-Iran peace deal to reopen the Strait of Hormuz reshapes inflation expectations, with implications for Bitcoin and

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…