Day 107, and we’re all staring at the same blank line. Trump says the memorandum gets signed today. Tehran says not today. Somewhere a pen waits while the Strait of Hormuz stays shut and the blockade holds for one more Sunday. I’ve learned to distrust the word “imminent” — it’s done a lot of heavy lifting since February. The terms are real: open the strait, lift the blockade, $25 billion unfrozen, no new enrichment. But it isn’t a deal until the ink dries, and overnight Israel put missiles into south Beirut — exactly the kind of thing that turns a signature into a stall. Oil’s shrugging, Brent in the high 80s, betting the paper beats the proxies. I’m not betting either way. I’m just keeping the receipts. Save me a pour.