#USIranDealStandoff On May 25, markets briefly thought they were seeing a breakthrough. A draft agreement between the US and Iran reportedly included: - restoration of shipping through the Strait of Hormuz within 30 days - partial sanctions relief - renewed Iranian oil exports For a moment, it looked like de-escalation was finally taking shape. Then everything flipped within hours. CENTCOM announced: - US and Israeli jets destroyed two IRGC vessels laying mines in Hormuz - missile sites were also struck in a “defensive operation” Washington called it: “self-defense” While Trump insisted: negotiations are still progressing And the market reaction told the real story. - oil dropped more than 6% intraday before partially recovering - volatility surged on every headline shift - sentiment oscillated between hope and fear in real time This is the most dangerous market state: - “a deal is coming” - “escalation could restart at any moment” When two opposing narratives coexist like this…the market stops pricing reality. Instead, it starts pricing uncertainty itself. And that is when markets become most fragile. $BTC $ETH