As much as markets are taking in comfort from the idea of a "reopening", Iran seems to be making it clear that this does not represent much of any meaningful progress in the conflict. That being said, it's not like talks back then were constructive. The reality was that even in the three weeks of the previous ceasefire deal, nuclear discussions didn't even kick start whatsoever. But circling back to the Strait of Hormuz, it remains to be seen what will happen if and when Iran gives the green light for this temporary arrangement. As mentioned before, it seems like we're just pretty much reverting back to the same old playbook: