Friday looked like a turning point. Iran's Foreign Minister declared the Strait of Hormuz "completely open," WTI crude collapsed nearly 7% to just above $83, the S&P 500 surged to fresh multi-week highs, and markets briefly priced in a peace dividend that had been weeks in the making. By Sunday morning, that optimism had completely unraveled. The strait is closed again. Thirteen oil tankers reversed course Saturday after IRGC gunboats fired on a UK-linked tanker off the coast of Oman and Iran warned vessels not to leave their anchorages. No commercial crossings were recorded Sunday. Trump responded with fresh threats to destroy Iranian power plants and bridges, while announcing that Special Envoy Steve Witkoff — alongside Jared Kushner — would head to Pakistan Tuesday for a new round of negotiations expected to run through Wednesday.