Kuala Lampur, June 27 -- The recently concluded memorandum of understanding between the United States and Iran has undoubtedly reduced the immediate risk of a wider regional war.

Shipping has resumed through the Strait of Hormuz. Energy markets have calmed from their wartime highs. Regional governments have welcomed the reduction in hostilities after months of uncertainty and confrontation.

Yet diplomacy should not be confused with resolution.

The agreement may have postponed conflict, but it has not removed the strategic disagreements that produced the crisis in the first place.

Indeed, the memorandum appears to contain several built-in tensions that may return with greater intensity once the initial sixty-day arrangements expire.

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