US-Iran Hormuz AgreementThe Iranian parliament’s National Security and Foreign Policy Committee has approved the general outlines of a bill aimed at managing the strategic Strait of Hormuz, spokesperson Hassan Ghashghavi announced on Sunday. The bill, titled “Strategic Action for the Security and Sustainable Progress of the Strait of Hormuz and the Persian Gulf,” is part of ongoing tensions between Iran and the United States concerning the critical maritime chokepoint. AdvertisementKey TakeawaysMarket activity appears to reflect a decrease in confidence for a swift US-Iran agreement, with YES probabilities dropping significantly. The approval of the bill’s outlines suggests an escalation in legislative efforts by Iran to exert control over the Strait of Hormuz. What to WatchObservers should monitor forthcoming legislative actions in Iran, as further parliamentary approvals could solidify the bill into law.