Oil Crashed Back to Prewar Prices. The Real Story Is What It Says About the War's Endgame

When oil prices fall back to where they were before a war started, it's tempting to celebrate cheaper gas and move on. But the bigger signal here is what the market is telling us about the US-Iran conflict: traders are betting the worst of the danger to the world's most important oil chokepoint has passed—and that bet, not the pump price, is the story worth tracking.