The Strait of Hormuz Is Getting Less Dire by the Day

Mr. Smart was a trade adviser and a Treasury official in the Obama administration.

Whatever peace agreement the United States and Iran may cobble together, there will be no quick return to prewar energy flows through the Strait of Hormuz. Even after the mines are cleared, it will take a brave tanker captain to trust that the passage is once again secure — and higher insurance costs could raise the price of that trip by millions.

But with every passing day, the world is learning to live without the Gulf’s seaborne exports.

Just as the Covid-19 pandemic and President Trump’s........

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