In the space between a president's deadline and a nation's demands, markets found their answer before diplomats did. Iran's insistence on barring American and Israeli vessels from the Strait of Hormuz — one of civilization's most consequential chokepoints — collapsed any realistic prospect of a Trump-brokered deal by Thursday, sending oil prices sharply higher and reminding the world that geopolitical risk is never truly priced out, only temporarily forgotten. The episode is less a failure of negotiation than a reminder that maximalist positions are often declarations, not invitations — and th