Alex Ward

Now, let's also talk about the Iranian side of this equation.

which is as part of this, as they call it, a memorandum of understanding.

Basically, at the heart of it is a trade.

Iran reopens the Strait of Hormuz.

The U.S.

lifts the blockade and, crucially, allows Iran to sell oil again, right?

It is immediate upon the signing of the deal, which allows Iran to bring in revenue.

So, in effect, the Trump administration has offered Iran the incentive of making money in order to reopen the Strait of Hormuz.

And so that's where we are today.

Yes.

Now, again, the volume of it is unclear, right?

If you're a shipping company, you're probably worried about the mines.

You're probably worried about the viability of this, right?

Do you really trust Iran?

Are they going to start shooting at you again?

Because we should note there are members of the Iranian regime that aren't happy with this memorandum, particularly members of the Islamic Revolutionary Guard Corps, the very powerful militia and economic force inside Iran.

So will they try to play spoiler?

You can also imagine that if, say, the conflict between Israel and Hezbollah were to pick up, you could imagine some leaders in Iran go, this deal is already void.

Let's reclose the strait.

So we'll see little advancements.