The US, Iran, and Oman are reportedly close to reaching a temporary agreement to reopen the Strait of Hormuz, as per Axios news outlet, which cited two regional sources and a US official. The US aims to make an announcement on Wednesday regarding this development.
The Strait of Hormuz has been a contentious issue in the US-Iran conflict. Following joint strikes by the US and Israel on key Iranian sites and Iran’s retaliation by attacking sites across the Middle East and closing the strait, about 20% of global oil trade passing through the strait was disrupted, leading to market volatility and higher fuel prices.
A Memorandum of Understanding was signed between the US and Iran on June 17 to end the war within 60 days. Efforts are underway to secure a lasting peace agreement, reopen international shipping through the strait, and address the ongoing dispute over Iran’s nuclear program.
An interim agreement, as reported by Axios, has been in negotiation for weeks and aims to reinstate the ceasefire between the US and Iran while restarting nuclear deal discussions. The potential deal would grant Iran greater control over traffic in the strait, meeting some of Iran’s demands.
The proposed deal involves a 60-day temporary arrangement between Oman and Iran in the strait, with the possibility of extension. It includes provisions to prevent a major bombing campaign by the US, with President Trump indicating a preference for diplomacy over military action.
President Trump’s statement on Fox News implied that the Strait of Hormuz would reopen soon through diplomatic efforts, or else face the risk of severe consequences.
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