A high-ranking source told Al Arabiya says returning to the memorandum of understanding between America and Iran is possible

The crude transmission runs through the geopolitical risk premium embedded in prompt spreads and through tanker freight and war-risk insurance on Hormuz transits, where de-escalation headlines compress the premium first and fastest. The supply-side channel is slower: sanctions easing only feeds through to barrels once guarantees, banking channels and shipping arrangements are in place, a process that in past episodes has taken far longer than initial headlines implied and has frequently reversed. The pairing of Hormuz reopening with sanctions relief is notable because it conflates an immediate chokepoint concern with the longer-horizon return of Iranian volumes, two distinct price drivers that the market prices differently. Worth watching is confirmation from either Washington or Tehran directly rather than intermediaries, any mention of verification mechanics or staged tranches, and whether the claim survives the next few news cycles, since single-source Al Arabiya items in this genre have a mixed track record. Until a named party or formal channel corroborates, the established treatment is a fade-prone headline that trims risk premium at the margin rather than a repricing event.