Analysts say door to diplomacy still open despite exchange of attacks and threats.

More than 500 ships have passed through the strait since June 17, but many remain stuck.

Clashing interpretations of vague memorandum of understanding language on Hormuz at heart of escalation, analysts say.

The traffic slowdown comes after Iranian attacks on vessels prompted US strikes, while President Donald Trump declared that the ceasefire with Iran was over

The U.S. and Iran's contradictory interperations of the memorandum of understanding have led to renewed fighting over the Strait of Hormuz.

Analysts say door to diplomacy still open despite exchange of attacks and threats.