re: Any Treaty Involving the Strait of Hormuz Must Contemplate Iranian Sovereignty and Control

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Improper analogy, as neither the Mississippi nor its navigable tributaries lie within Canadian territorial waters, nor does any part of the Gulf of Mexico

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The Great Lakes (shared between Canada and the U.S.) connect to the Mississippi basin via the Illinois Waterway.

So the analogy stands.

Regardless, should we simply disregard Iran’s territorial right under UNCLOS?

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To the victor goes the spoils - Napoleon

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"To the virgins goes the mullahs" - Donald Trump

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I never said they have the only right to it.

But they control at least half of it under international law.

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Your post clearly indicates that any agreement would need to accept Iran as the primary controlling or governing power over the strait, at least in practice. You didn’t reference any other countries as having a controlling interest. You didn’t even acknowledge other countries in your post.