The two-week truce between the United States and Iran has eased immediate global fears and reopened the Strait of Hormuz. However, the agreement is temporary, raising concerns about the long-term regional stability and the lack of a settled order.

The two-week ceasefire between the United States and Iran is a real diplomatic breakthrough. It has reopened the Strait of Hormuz, triggered a relief rally in global markets and eased the immediate fear of a spiralling energy shock. But its strategic significance lies less in the relief it has produced than in the uncertainty it leaves behind. The truce is time-limited, tied to negotiations and built around temporary safe passage rather than a settled regional order. The ceasefire terms and...