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Iranian state media has released new details of a potential agreement with the United States that could significantly impact global oil markets, Bloomberg reports.
According to Iranian outlets, an unofficial draft of an interim peace deal between Tehran and Washington envisions a return to “normal” shipping through the Strait of Hormuz within a month after the agreement is finalized.
The draft reportedly also includes provisions for lifting a U.S. maritime blockade on Iranian ports and withdrawing American naval forces from waters near Iran. However, it remains unclear how current these proposals are or whether the U.S. has accepted any of the terms.
One of the key sticking points in the talks is control over the Strait of Hormuz. The draft suggests Iran and Oman could establish a joint mechanism to manage maritime traffic in the region, while the United States continues to demand guarantees of free passage for international shipping.
Following the reports, global oil prices dropped sharply, with Brent crude falling nearly 5% to below $95 per barrel. Prices have declined more than 8% over the week amid growing market expectations of de-escalation between Washington and Tehran.
Iran has, however, denied claims that the strait would be fully opened under any deal, insisting it will retain control over the waterway. Meanwhile, Financial Times reports suggest intermediaries are working on a 60-day extension of the current truce framework as part of broader nuclear negotiations.
