Monday's peace rally erased Tuesday on fresh U.S. strikes in southern Iran. The market is no longer pricing a near-term resolution. Canadian portfolios need to be read against that new baseline.

Trump's "largely negotiated" deal framework has sent oil prices down more than 10% this week and lifted the TSX. The chain of consequence for Canadian portfolios runs through what the agreement leaves unfinished.

Iran is reviewing a U.S. peace proposal. The UAE pipeline bypass is 50% built. ADNOC's CEO says normalization takes four months minimum even if conflict ends today. For Canadian energy investors, the question is no longer if the strait reopens but what the price floor looks like when it does.