Strait of Hormuz Deal: The Old Pattern Plays Out Again The US and Iran are reportedly close to reaching a deal that would reopen the Strait of Hormuz, allowing commercial ships to pass through with "freedom of movement.
" This is welcome news for energy traders, who have seen oil prices plummet in response.
However, beneath this facade of diplomatic progress lies a familiar pattern: a cycle of escalation and de escalation that has been playing out for years.