Iranian Foreign Minister Abbas Araghchi stated that the reopening of the Strait of Hormuz, a strategic global shipping route, depends on the United States returning to its commitments under the Islamabad Memorandum. This agreement, designed to defuse hostilities and set terms for shipping and sanctions relief, has been marked by repeated allegations of violations from both sides. The fragile ceasefire following the 2026 Iran-United States war remains unstable, leading to intermittent blockades and strikes. Markets currently price the likelihood of an agreement by the September 15 deadline at only 2.9 percent.
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