The 14-point “Memorandum of Understanding” is among the oddest international agreements in recent memory. Short on detail, its two pages purport to grant significant up-front American concessions to Iran in exchange for opening the Strait of Hormuz, which was already open before the war President Donald Trump started in February and now hopes to end.

The MOU already grants American recognition to Iran as the suzerain of the Strait of Hormuz and preserves Iran’s foothold on the Mediterranean.

Washington and Tehran are grappling over a “memorandum of misunderstanding.”