The two-week ceasefire between the United States and Iran is a real diplomatic breakthrough. It has reopened the Strait of Hormuz, triggered a relief rally in global markets and eased the immediate fear of a spiralling energy shock. But its strategic significance lies less in the relief it has produced than in the uncertainty it leaves behind.
The truce is time-limited, tied to negotiations and built around temporary safe passage rather than a settled regional order. The ceasefire terms and...
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