At the narrow passage where the Persian Gulf meets the open sea, Iran has chosen the language of formal conditions over the language of ultimatums — presenting terms to an American representative for the reopening of the Strait of Hormuz. The strait, through which a third of the world's maritime oil trade moves, has long served as both lifeline and leverage in the geopolitics of the region. Whether this gesture marks the beginning of genuine diplomacy or a carefully calibrated posture, it places a consequential question before the international community: what is the price of keeping the arter