Consider the following statements regarding the Strait of Hormuz:1.It lies between Iran and Oman/UAE, directly connecting the Persian Gulf to the Gulf of Oman.2.The principle of Transit Passage governing navigation through the strait is formally established under the Ministry of External Affairs bilateral treaties.Which of the statements given above is/are correct?

Statement 1 is correct because the Strait of Hormuz is indeed a crucial chokepoint lying between Iran and Oman/UAE, connecting the Persian Gulf to the Gulf of Oman. Statement 2 is incorrect because the Transit Passage principle is an international law concept under UNCLOS (United Nations Convention on the Law of the Sea), not a bilateral treaty of the Ministry of External Affairs.