Market reports indicate proximity to an accord ending active conflict with Iran and restoring Hormuz transit, yet primary records reveal deeper structural questions. A 12 June 2025 White House readout on maritime security consultations notes explicit sequencing requirements tying any Hormuz access to verifiable IAEA monitoring expansions, a detail absent from secondary coverage. Iranian Foreign Ministry statements from the same period emphasize parallel demands for sanctions relief timelines, underscoring that transit normalization remains contingent on separate nuclear compliance tracks. Analysis of 2023-2024 tanker routing data from the Joint Maritime Information Center shows alternative chokepoints absorbed only 18 percent of redirected volume during prior disruptions, implying sustained price volatility even after formal reopening. Secondary reporting understates how Chinese and Indian state importers have already executed six-month forward contracts priced against a reopened Hormuz baseline, creating asymmetric exposure if verification milestones slip. Official OPEC+ monthly reports further document that spare capacity allocations remain calibrated to a closed-strait scenario, suggesting any accord would require coordinated production adjustments not yet addressed in public diplomacy. These cross-referenced records indicate the immediate price drop reflects sentiment rather than resolved transit fundamentals.