Trump's Iran deal is over, the Strait of Hormuz is closed again, and continued volatility should be anticipated over the summer and beyond.

Operation Epic Fury ended June 15, but $97 oil, frozen Iranian crypto assets, and delayed rate cuts keep rattling global central banks and markets.

The massive decline in oil prices over the past few weeks has gifted the Trump administration with some unexpected leverage in its ongoing negotiations with Iran.

The U.S.-Iran deal has devolved into fighting again, with potentially ugly implications for oil prices.