The Illusion of De-escalation in the Strait of Hormuz

Markets are celebrating a pause in the U.S.–Iran strikes, but depleted interceptor stocks and Tehran’s grip on vital energy chokepoints signal a temporary lull before a harsher reality check.

Energy markets welcomed Saturday’s news with enthusiasm: the U.S. has paused its attacks on Iran and, in response, Tehran has halted retaliatory measures against Gulf nations hosting U.S. bases.

While weapons have gone silent in the Persian Gulf for the second time in the last month and a half, and oil and gas price indexes are reacting with frantic opti…