Oil prices staged a dramatic reversal this week as US-Iran peace talks made unexpected progress, sending Brent crude tumbling toward $76 a barrel. Big Oil booked record profits anyway, while former US climate envoy John Kerry declared the war had permanently shifted the calculus toward renewables. UK grid operators shrugged off the Hormuz crisis, confirming enough power for winter.

The Full Picture

Oil's Wild Week — From $111 Peak to Peace Dividend

• **What...