A new Iran-U.S. MoU recognises Iran as a key stakeholder in the Strait of Hormuz, potentially allowing it to charge transit fees. The US will end its naval blockade within 30 days and lift sanctions. This could reshape global shipping costs and energy security, making it critical for India's oil imports.
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Quick Exam Facts From News
1-Minute Revision
- ›US blockade end timeline: 30 days
- ›UNCLOS ratification by US: Not ratified
- ›Target this Data: 30 days for US to end blockade
- ›Target this Nodal Body: UNCLOS (international law governing straits)
- ›Target this Legal Point: US not ratified UNCLOS; Iran signed but not ratified
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