The memorandum of understanding signed in June aimed to establish a ceasefire and attempt to reopen the Strait of Hormuz. The 14-point agreement stipulated that Iran would refrain from developing nuclear weapons and that the US, Iran, and their allies would cease military operations on “all fronts.” It included provisions for ending a US naval blockade and other sanctions. Additionally, Iran committed to facilitating the safe passage of commercial vessels through the strait.
However, the agreement collapsed as both sides resumed attacks, with Iran targeting vessels it claimed were attempting to cross the strait without permission. In response, the US has launched strikes on Iranian sites in the strait and on Iranian tankers along its coast, while continuing the blockade of Iranian ports, which has severely impacted the Iranian economy.
Former President Trump has stated that the US has successfully maintained oil shipments out of the Strait of Hormuz. Current shipping data indicates a recent average of around 18 vessel transits per day, although some days have seen as few as nine, according to Kpler, a commodities analytics firm.
The situation has worsened due to Houthi attacks on Saudi oil facilities. The Yemeni Houthis, aligned with Iran, have escalated their efforts to disrupt Saudi oil exports through the Red Sea, which lies on the opposite side of the Arabian peninsula from the Strait of Hormuz. This month, they captured significant areas along Yemen’s Red Sea coast, including the port of Mokha, which overlooks the Bab al-Mandab Strait, another critical route for global shipping.
