According to CoinMeta, after Brent and WTI oil prices tumbled by more than 7% on Monday, there was a slight rebound on Tuesday. The market viewed Monday's selling as an overreaction to Trump's suspension of sanctions against Iran, rather than confirmation of a real resolution, especially given that Iran denied that any negotiations were underway. Data from Barclays indicates that crude oil and product flows through the Strait of Hormuz have actually increased month-on-month, suggesting that the physical market has not yet seen the disruptions implied by the headlines. Nevertheless, disputes over the Strait of Hormuz and the Bab el-Mandeb Strait remain, and the market may maintain a geopolitical risk premium that will prevent oil prices from falling back completely.