EUR/USD 1.14 ▼ · 10Y UST 4.38% ▲ · VIX 19.2 ▼
On 17 April, the US and Iran announced a Strait of Hormuz ceasefire; the strait remains effectively closed. The problem is structural, not technical. Tehran and Washington both needed a ceasefire that could be declared successful without requiring the strait to physically open — and they built one. Only one-t…