The good news: The Strait of Hormuz is open again, after Iran and the United States signed a memorandum of understanding this week.

There’s a big difference between reopening the Strait of Hormuz on paper and actually resuming the flow of oil through it.

Oil prices fell below $80 per barrel as markets grew increasingly confident that the effective closure of the Strait of Hormuz is coming to an end, paving the way for a recovery…