Iran and White House say the Strait of Hormuz is ‘completely open.’ But it definitely isn’t—at least for now

Iran and the White House both declared the valuable Strait of Hormuz chokepoint “completely open” on April 17, and benchmark crude oil prices plunged below $90 per barrel for the first time since early March. But Iran is still asserting its control over the strait and President Donald Trump maintained that the U.S. blockade on Iranian ports continues for now.

Translation: Virtually nothing has changed yet, and the markets overreacted to the announcements, although peace talks are seemingly making notable progress...