Egypt, Iran Push to Revive 60-Day US Memorandum as Hormuz Disruptions Threaten Trade
Updated
Updated · Business Insider Africa · Aug 23
Egypt, Iran Push to Revive 60-Day US Memorandum as Hormuz Disruptions Threaten Trade
3 articles · Updated · Business Insider Africa · Aug 23
Summary
Egyptian Foreign Minister Badr Abdelatty and Iran's Abbas Araghchi held a phone call to press for de-escalation between Tehran and Washington and restart talks toward a broader peace deal.
The ministers focused on reviving implementation of the US-Iran memorandum signed in June and supporting Oman-mediated negotiations meant to produce a comprehensive, durable agreement.
The talks also centered on securing maritime routes and Gulf stability, with the Strait of Hormuz a key sticking point because disputes over transit rules have delayed follow-up negotiations.
Hormuz disruptions have already hit regional trade: daily ship crossings fell to five to seven from a typical 140 to 178, more than 230 oil tankers were stranded, and war-risk premiums jumped to 5%-10% from 0.15%.
Those shocks have pushed Egypt and Gulf producers to build alternative export corridors, including at least seven pipeline projects that could shift more energy flows toward the Red Sea and Mediterranean.