The Ticking Clock on the Strait of Hormuz

Back in June, at the closing press conference for the G7 summit in Évian-les-Bains, Donald Trump explained why he had called a halt to hostilities with Iran. Continued bombing would not reopen the Strait of Hormuz, and as long as the war went on, commercial ships would stay away while emergency oil supplies dwindled. “We run out of reserves in about four weeks,” he warned, conjuring up images of shortages, bedlam, surging prices, and a market collapse on the scale of 1929. Trump told the press…