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Iran declared the Strait of Hormuz "completely open."
One line almost no one covered: ships must use a "coordinated route" — pre-cleared by Iran's maritime authorities, running closer to the Iranian mainland.
That route requires permission. Permission can be conditioned. Conditions can be revoked.
Iran didn't reopen the waterway. It converted it into a licensed corridor.
The market priced the announcement. It hasn't priced the architecture.
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