US, Iran trade strikes: What to know, will it unravel the MoU?

Key Points:

• The United States and Iran have exchanged military strikes near the Strait of Hormuz, marking the first confrontation since a June 15 memorandum of understanding (MoU) aimed at ending months of conflict.
• The US targeted missile and drone storage sites along Iran's southern coast in response to an attack on a commercial vessel transiting the strait, which the US blamed on Iran, while Iran retaliated with strikes on US military installations in the region.
• Control over the Strait of Hormuz, a critical global energy chokepoint, remains the core issue, with Iran asserting management rights and seeking to impose transit fees, a move rejected by the US and Gulf states.
• The MoU includes a 60-day provision for safe, toll-free passage of commercial vessels through the strait and calls for further negotiations on maritime management, but recent hostilities and differing interpretations threaten the agreement's stability.
• Analysts warn that ongoing military exchanges and geopolitical tensions risk unraveling the fragile MoU, with both sides demonstrating control over the strait while trying to avoid a full-scale conflict.