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The monthslong closure of the Strait of Hormuz—and with it, one-fifth of the world’s daily diet of oil—was the biggest reason U.S. President Donald Trump was so anxious to sue for peace with Iran.

But while the 14-point memorandum of understanding that both countries signed includes language about the reopening of the strait and the resumption of prewar shipping traffic, the language is very vague. It remains unclear how soon normal transits in one of the world’s most important chokepoints will resume, and the stakes remain high: Oil prices have fallen far off their wartime highs, but they are sticky and likely to remain so as inventories dwindle and tankers dawdle.

The monthslong closure of the Strait of Hormuz—and with it, one-fifth of the world’s daily diet of oil—was the biggest reason U.S. President Donald Trump was so anxious to sue for peace with Iran.

But while the 14-point memorandum of understanding that both countries signed includes language about the reopening of the strait and the resumption of prewar shipping traffic, the language is very vague. It remains unclear how soon normal transits in one of the world’s most important chokepoints will resume, and the stakes remain high: Oil prices have fallen far off their wartime highs, but they are sticky and likely to remain so as inventories dwindle and tankers dawdle.

Start with the MOU itself. There are two main articles that deal with the strait and shipping. The important one is Article 5, which says that with the signing of the MOU, Iran “will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only.” Then it starts getting confusing.

“The traffic of commercial vessels will immediately start, and considering the need for........

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