The preliminary “memorandum of understanding” between the US and Iran constitutes a real test of the difficult path toward peace in the Arabian Gulf, particularly amid the prevailing political and security deadlock. It is a situation that places Gulf, Iranian, and even global economies at risk, and threatens repercussions that extend beyond the energy sector to food, fertilizers, medicine, and various other industries.

The growing momentum behind a possible US-Iran agreement is being presented internationally as a diplomatic breakthrough capable of preventing a wider regional war. Reports…

The preliminary “memorandum of understanding” between the US and Iran constitutes a real test of the difficult path toward peace in the Arabian Gulf, particularly amid the…