Everyone is watching the wrong thing this morning. The headline is that President Trump rejected Iran’s proposal to reopen the Strait of Hormuz over the weekend. Oil jumped. Brent is back above $106. The pundits are calling it another setback for peace. They’re missing what actually happened. Iran offered to reopen the Strait within seven days if the U.S. lifted its naval blockade, released frozen assets, and eased sanctions. Six months ago, that offer would have been taken seriously. Hormuz was the single most valuable card Tehran held. Twenty percent of the world’s oil ran through it, and Iran could...