Iran Assures Ship Traffic In Hormuz Will Return To Pre-War Level In 30 Days

Iran’s semi-official news agency has revealed that, according to a draft understanding currently being discussed between Iran and the U.S, the former has proposed to restore shipping in the Strait of Hormuz to pre-war levels in 30 days.

It also reported that the U.S naval blockade around Hormuz will also be entirely lifted during the same period, and Iran’s frozen overseas funds will also be released.

In a post on Truth Social, President Donald Trump mentioned that Washington and Tehran had “largely negotiated” the framework of a peace arrangement to reopen the Strait of Hormuz.

“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote.

Other issues like Iran’s nuclear program and its enriched uranium reserves remain unresolved as of now, and according to the draft agreement, 60 days will be designated to hold discussions on these matters, separately from the 30-day timeline related to reopening of Hormuz.

Iranian President Masoud Pezeshkian has given reassurance to the world that Iran does not seek nuclear weapons and also stated that its negotiating team would not compromise on core national interests.

Mohsen Rezaei, the military adviser to Iran’s Supreme Leader, Mojtaba Khamenei, has said that managing the Strait of Hormuz is Iran’s “legal right,” which would help secure its national interests and also end the instability in the region.

The news of negotiations comes nearly 3 months after the war started between the U.S. and Iran, which led to a rise in global oil prices as well as an increase in shipping costs, insurance premiums and delays.

Approximately 130 to 150 ships transited the Hormuz Strait daily before the U.S-Iran war began, which dropped vessel movements to single digits, requiring prior permission from the Iranian Navy, after which the U.S. naval blockade of the strait complicated matters even further.

Brent crude prices have surged over 40% since the conflict erupted, raising fuel and food costs globally.