00:00This memorandum of understanding was anything but an understanding.
00:03There was essentially no meeting of the minds when it came to the interpretation of the provisions in it,
00:10especially when it comes to controlling the Strait of Hormuz.
00:13Somehow, Iran believes an open Strait of Hormuz means they can tell vessels when and where they can go through,
00:21and if they don't follow their specific guidance, they can fire upon them,
00:25which I don't think is anybody's definition of open.
00:28But right now, I think we're in a situation where the MOU is essentially meaningless,
00:33and we're going to see a tick for tack back and forth that could potentially go up the escalatory ladder
00:38if neither side changes its perspective on what a good agreement would be.
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