More than three weeks after the United States and Iran signed a memorandum of understanding (MoU) to end their war and restore shipping through the Strait of Hormuz, the future of passage through the vital waterway is once again under a cloud.Three ships were attacked in the strait in recent days, after Iran accused them of attempting to pass without seeking its approval. The US hit back with escalating strikes on Iranian soil — first targeting coastal cities, and then, on Thursday morning, hitting the capital Tehran, too. Iran has in turn fired missiles and drones at multiple Gulf nations, even as the funeral ceremonies of Iran’s late Ayatollah Ali Khamenei have continued.US President Donald Trump has said that he thinks the truce is “over”, sparking fears of the resumption of a full-fledged war with Iran. Tehran, meanwhile, has threatened to shut down the Strait of Hormuz again.All of this has implications for a global economy that has for decades depended on the Strait of Hormuz, that suffered in recent months as the US-Israel alliance waged war on Iran, and that is now again on tenterhooks.The Strait of HormuzThe Strait of Hormuz is one of the world’s most strategically important maritime chokepoints. The narrow waterway, at its narrow …
