The United States and Iran are reportedly moving toward a preliminary agreement on the restoration of maritime traffic through the Strait of Hormuz.
According to sources cited by The New York Times, the parties continue negotiations on the gradual normalization of shipping operations in the strait.
However, it remains unclear when navigation will be fully restored and when global oil prices may stabilize. The report also notes that the mechanisms through which Iran would exercise control over the Strait of Hormuz under a potential agreement have not yet been fully defined.
Earlier, Fox News reported that Iran had in principle agreed to a framework deal and that negotiations on the document were approximately 95 percent complete.
According to the information available, U.S. President Donald Trump plans to allow the parties an additional five to seven days to finalize a comprehensive agreement.
The Strait of Hormuz is considered one of the world’s most critical energy transit routes. Large volumes of oil and liquefied natural gas pass through the strait each day, making developments in the region highly influential on global energy and shipping markets.
