Cabot Phillips

Right.

It was another rollercoaster 48 hours for sure.

So heading into the weekend, there was quite a bit of optimism from the White House that a permanent deal was imminent.

Iran had reopened the Strait of Hormuz, gas prices started to tumble to pre-war levels, and Wall Street surged.

The Nasdaq and S&P 500 each hit all-time highs, and the Dow closed at its highest mark since February.

So the vibes were high.

But on Saturday, Iranian state media abruptly announced the

that they were closing the strait once again, blaming the ongoing US blockade, which they called, quote, banditry and maritime piracy.

In their words, any vessel attempting to pass through would be considered to be, quote, cooperating with the enemy.

And within hours, they began once again firing missiles at numerous vessels, including those from India, France, and Britain.

And they did strike at least one.

In another case, an Indian oil tanker was given permission by the Iranians to pass through, but was fired upon shortly after.

It's unclear if it was an attempted trap or simply a communication error within the Iranian military.

Audio of that incident, though, was released Saturday, and you can hear the frantic Indian captain begging the Iranians to let him turn around after shouting, quote, you gave me clearance to go.

And then following those attacks, Iranian officials said, quote, as long as the U.S.

does not agree to the complete freedom of navigation for vessels, the situation in the Strait of Hormuz will remain tightly controlled and in its previous state.

But the president did not back down.

On Sunday, he announced that for the first time since the blockade began, the U.S.

had seized an Iranian-flagged tanker after it refused to turn around, ignoring numerous warnings over the course of six hours.

U.S.