Hormuz Shipping Could Resume in Month If Iran-US Deal Closes

Key Details An unofficial draft of a U.S.-Iran interim peace agreement suggests maritime traffic through the Strait of Hormuz could return to normal within 30 days of finalization, according to Iranian state television. The document, reported by IRIB News, excludes military vessels and remains unconfirmed by the White House. Market Impact Oil prices dropped significantly on the news, with Brent crude falling nearly 4% to below $96 per barrel. Traders are increasingly optimistic about reaching a deal, with prices down more than 7% this week. Key Terms The draft calls for the U.S. to lift its naval blockade on Iranian ports and withdraw American forces from waters surrounding Iran. Iran and Oman would jointly oversee a new shipping mechanism in the strait - a major sticking point in negotiations. Negotiation Status Both countries report progress through mediators like Pakistan and Qatar, though Secretary of State Marco Rubio indicated more days are needed to finalize terms. Iranian officials stress that no agreement is final until all issues are resolved, and conditions for passage will differ significantly from pre-conflict arrangements.