Oil prices cooling off after Trump eased some Russian energy export restrictions.

Brent pulling back from recent highs — could give central banks some breathing room on inflation.

But here's the catch: Strait of Hormuz shipping disruptions are still a massive problem.

Paper oil (futures) dropping ≠ physical supply getting better.

Physical markets still tight. Don't confuse the two.

This matters for macro risk-on/risk-off and could ripple into crypto if energy costs stabilize or if geopolitical tensions escalate further.