Strait of Hormuz is open, but economic pain is just beginning

Ahead of expected talks with the U.S. in Pakistan this weekend, Iran announced that the Strait of Hormuz is “completely open for the remaining period of the ceasefire,” sending oil market prices tumbling. But, regardless of what happens in Islamabad, global policymakers are warning that the immense scale of destruction in the Persian Gulf could have lingering effects for a long time to come.At a Debate on the Global Economy held at the spring meetings of the International Monetary Fund Thursday,...