This was the president's way of announcing that the United States and Iran had reached an agreement to end their war and reopen the Strait of Hormuz. Although the exact details have not been released, the deal reportedly includes a 60-day cease-fire during which the two sides will negotiate a more permanent settlement. Since the announcement, the price of oil has fallen to about $80 a barrel, the lowest point since early March. But there's a big difference between reopening the Strait of Hormuz on paper and actually resuming the flow of oil through it. A return to the pre-war status quo is still very far off'if it ever happens at all. The most obvious barrier to the smooth flow of oil is that the two sides seem to have conflicting accounts of what the deal actually says, calling into question whether it will be honored. The Trump administration has insisted that it will consider the strait reopened only if Iran agrees not to impose tolls on passing ships. But yesterday, after the...
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