00:00I think that, first of all, it really just lays bare the fact that this MOU was hastily written and
00:07there were key concepts in it, particularly of the Strait of Hormuz, that had different interpretations by the two parties.
00:14So that needs to be resolved.
00:16But as far as what each side gains in the meantime, for the United States, it's an opportunity to kind
00:22of reset the battlefield.
00:24Iran has already made significant progress in rebuilding some of its capabilities, some of its infrastructure.
00:31And so this offers the U.S. an excuse to take that out again.
00:36And for Iran, it's trying to find a long term solution, longer term solution for the Strait of Hormuz that
00:43doesn't give up its strategic right as it sees it to this.
00:47So there's little things that can be gained on the margins.
00:51But overall, I do think that we're to the point of this being a lose-lose the longer that the
00:57kinetic phase continues.
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