A Deal to Keep a Key Shipping Route Open Just Fell Apart

The US and Iran agreed in June to keep the Strait of Hormuz—a narrow waterway where a third of the world's oil passes through—open for shipping. It lasted weeks. After ships were attacked July 7, Iran declared the strait closed. The US struck back July 8. Now both sides claim opposite things. Shipping companies and insurance firms may take days to figure out what's actually happening.