S&P 500 ▲ 7,420 · Brent ▼ ~$80 · VIX ▼ 18 · 10Y UST ▼ 4.49%
Four months into the US-Iran confrontation that closed the Strait of Hormuz, a memorandum of understanding reopened it this week. Markets celebrated: Brent fell 30 per cent from its April peak, equities hit records, and the VIX dropped below 19. But the terms of reopening matter more than the re…