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The deal now runs on two 60-day clocks. The first is the strait’s no-toll window. The second started this week: Treasury issued a temporary 60-day general license authorizing Iranian oil sales, freeing ~67M stranded barrels. It is the buyer-leg counterpart to the no-toll window, and it has the same shape: relieve the emergency now, defer the institution. A general license is a revocable waiver carved out of a standing prohibition, not the permanent settlement durable commerce requires. This post reads the second clock.

Iran and the US are circulating different versions of the deal: one draft releases $25bn in frozen Iranian assets, the other contains no such provision; Iran briefs near-simultaneous relief, the US briefs sequenced rewards. The strait clause is consistent, but the pattern isn’t: a deal whose text the parties dispute is the document-level twin of a strait whose status they dispute. No authoritative reference, at any level. This post reads the parallel.