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The missing half of mediation
The memorandum of understanding (MoU) between the United States and Iran, signed on June 17, briefly appeared to have achieved what weeks of military confrontation had not.
About 340 commercial vessels passed through the Strait during the week of 22-28 June, making it the busiest period since hostilities began on February 28.
During the waiver period, it is estimated to have exported around 70 million barrels of oil, worth approximately $5bn-$6bn.
What began largely as a Pakistani initiative has evolved into a wider diplomatic coalition, with Qatar, Egypt and other regional partners supporting efforts to restore the ceasefire and revive negotiations.