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The next Strait of Hormuz

Hormuz isn’t the global economy’s only chokepoint.

This story appeared in Today, Explained, a daily newsletter that helps you understand the most compelling news and stories of the day. Subscribe here.

If I had a nickel for every time President Donald Trump backtracked or changed course on Iran, I’d have…well, at least enough money for a gallon of $3.89 gas.

Trump has threatened attacks and postponed them. He’s praised Iran’s leaders in one breath and panned them as “scum” in the next. The latest about-face played out Tuesday morning, when Trump canceled a controversial, short-lived plan to charge fees on ships passing through the Strait of Hormuz, the waterway at........

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