The US and Iran have signed a peace deal in Versailles, with Trump dropping his hardline demands — a major reversal that's good for Iran and oil markets but a political problem at home.

• Trump now says Iran can enrich uranium a little for civilian use and keep its missiles, reversing his earlier "zero enrichment" red line that started the war.
• He admitted the US has to return Iran's frozen money, because keeping it would make other countries stop trusting the dollar.
• The real reason for the rush: the US was about four weeks from running out of emergency oil reserves, and Iran's threat to close the Strait of Hormuz was choking global supply.
• Oil never hit the feared $150–$170 a barrel mainly because China slashed its oil imports and leaned on its own large reserves.
• Iran outlasted the pressure and won better terms, proving its bet that the US couldn't take the economic pain.

Outlook: The deal is fragile — Israel is still bombing Lebanon and Trump could flip again, but for now oil traffic through Hormuz is restarting and gas prices are easing.