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Markets, for now, are reading the announcement as de-escalation: US crude fell more than 4.5 percent to about $80 a barrel and Brent dropped around 4 percent to roughly $83, both the lowest since early March, though still up more than 20 percent since the war began. But the optimism runs ahead of the water. Until the mines are cleared, insurers return, and Iran relinquishes the control it has held since February, the strait stays a live point of conflict.