Iran tried to demonstrate that they controlled the Strait by attacking shipping that didn’t go where they commanded. The US struck back at relatively low-value targets near the Strait.
Some economists act like different factors of the economy are interchangeable when really they are complements.
The blocking of the Strait limited the supply of multiple inputs, and it will take time to get logistics and production back to normal. The downstream economic impacts of the blockade are not over.
Trump argues that the frozen assets are Iran’s money, so they should be given back at some time anyways. Although, he completely rejected when Obama gave back money that the US rightfully owed Iran in a deal that delayed Iran’s nuclear program without war.
The current Iran deal is an extension of the ceasefire, not a peace deal. The original ceasefire was supposed to have Hormuz open. We don’t know the outcome of the war because the war is not yet over. We don’t know how the negotiations during this extended ceasefire will go. Neither Trump nor Iran want to give in on key issues.