The United States, Iran, and Oman are reportedly close to reaching an interim agreement to reopen the crucial Strait of Hormuz, as per information from Axios news outlet, which cites two regional sources and a US official.
The report suggests that the US is aiming to make an announcement on Wednesday regarding this development. The waterway has been a major point of contention in the US-Iran conflict, with joint US-Israel strikes on key Iranian sites leading to Iranian retaliatory strikes across the Middle East and the subsequent closure of the strait.
Before the conflict, approximately 20% of global oil trade passed through the Strait of Hormuz. However, its closure has disrupted the flow of oil from the Middle East, causing market volatility and fuel price increases.
A Memorandum of Understanding (MoU) was signed between the US and Iran on June 17 to end the conflict within 60 days. Efforts were underway to secure a lasting peace agreement, restore international shipping through the strait, and address the ongoing dispute over Iran’s nuclear program.
Despite initial optimism, the agreement was short-lived, and conflict resumed shortly after the MoU signing. Negotiations for the reported interim agreement have been ongoing for several weeks, aiming to reinstate a ceasefire between the US and Iran and reinitiate discussions on a nuclear deal.
According to Axios, the potential agreement would address some of Iran’s demands for increased control over traffic in the strait. The proposed deal involves a 60-day temporary arrangement between Oman and Iran in the strait, with the possibility of extension, as outlined by sources.
US President Donald Trump opted against carrying out a massive bombing campaign to allow for further diplomacy. However, if a deal is not reached soon, Trump could authorize significant strikes, as stated during an interview with Fox News.
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