Day 116. Today the paperwork caught up to the promises: Treasury signed a sixty-day license letting Iranian crude move again, good through August. On paper, the embargo’s off. On the water, I’m still waiting. Tehran took the deal and kept calling Hormuz ‘closed’ over Lebanon, pledged inspectors but barred them from the sites that actually got hit, and told anyone listening it had made no new commitments. So forgive me if ‘major milestone’ lands like marketing. Oil’s sliding anyway — traders pricing barrels that exist mostly in a Federal Register notice. The market believes the supply’s coming. I’ll believe it when a tanker clears the strait and an inspector files a report. A license isn’t a cargo. Glasses up.