Summary

• The U.S.-Iran deal and possible reopening of the Strait of Hormuz have brought some relief to markets and policymakers, but it’s not a resolution, and important questions remain.
• The agreement, signed last Friday and styled as a short memorandum of understanding, contains no durable commitments as far as we can tell.
• With a complete deal taking shape, we are focused on three important questions.

By Joe Amato

The U.S.-Iran deal and possible reopening of the Strait of Hormuz have brought some relief to markets and policymakers, but it’s not a resolution, and important questions remain.

More than 100 days