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The Strait of Hormuz is open, markets are up, and a ceasefire between Israel and Lebanon is holding, but President Trump says the blockade of Iranian ports will remain in place – at least for now. What this means for global stability, the status of looming threats that could disrupt fragile progress, and future U.S. strategy in the region – not only in regards to the geopolitical stakes, but in terms of economic impact – remains to be seen. But . . .