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The reported agreement between the US and Iran includes a 60-day ceasefire extension, during which the Strait of Hormuz would be reopened.
Iran said shipping through the Strait of Hormuz would resume in 30 days. (Reuters/File Image)
The United States and Iran are reportedly moving closer to striking a deal to end the current war in West Asia, with Tehran saying that commercial shipping through the vital Strait of Hormuz could return to pre-war levels within 30 days.
After the US-Israeli strikes on Iran on February 28, Tehran moved to effectively close the Strait of Hormuz, which carries 20% of the world’s energy supplies. The conflict sent crude oil prices soaring and sparked a global energy crisis. The situation was further exacerbated after the US imposed a naval blockade of Iranian ports.
However, Trump’s statement raised hopes that the war could end soon, as several Iranian and US reports suggest that both countries are working towards a memorandum of understanding that would lay a framework to end months of fighting, reopen the Strait of Hormuz and lift the US blockade.
Iran On Hormuz Traffic
Axios reported that the agreement between the US and Iran includes a 60-day ceasefire extension, during which the Strait of Hormuz would be reopened, Iran would be able to freely sell oil, and negotiations would be held on curbing Iran’s nuclear programme.
Iran’s semi-official Tasnim news agency reported that a potential deal between both sides stipulates that the number of ships able to transit the Strait of Hormuz would return to the pre-war level within 30 days.
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Iran has demanded that the US naval blockade must be completely lifted within 30 days, and part of its frozen funds must be released in the first phase of a possible agreement. However, the report said differences remained over one or two clauses, including over the nuclear issue.
US Says ‘Good News’ On Deal
Earlier today, US Secretary of State Marco Rubio on Sunday indicated that progress had been made in negotiations involving Iran and suggested that an announcement could come within hours.
Speaking during a press interaction in New Delhi alongside External Affairs Minister S Jaishankar, Rubio said, “I do think perhaps there is the possibility that in the next few hours the world will get some good news.” He also underscored the US stance on Iran’s nuclear programme.
A senior Iranian source told Reuters that if Iran’s Supreme National Security Council approved the memorandum, it would be sent to Supreme Leader Ayatollah Mojtaba Khamenei for final approval. The draft agreement also includes commitments from Iran never to pursue nuclear weapons, according to Axios.
ALSO READ: Despite Trump’s Claims, Iran May Not Give Up Strait Of Hormuz So Easily: Here’s Why
What Does The Deal Entail?
The potential MOU between Tehran and the US stipulates that Washington and its allies will not attack Iran or its allies, according to Iran’s semi-official Fars News Agency on Sunday. In return, Iran has pledged that it would not launch any preemptive military strikes on the US and its allies.
During the 60-day ceasefire extension period, the Strait of Hormuz would be open with no tolls and Iran would agree to clear the mines it deployed in the strait to let ships pass freely, as per the Axios report. In exchange, the US would lift its blockade on Iranian ports and issue some sanctions waivers to allow Iran to sell oil freely.
The draft memorandum also includes commitments from Iran to never pursue nuclear weapons and to negotiate over a suspension of its uranium enrichment program and the removal of its stockpile of highly enriched uranium, according to a US official. It also makes clear that the war between Israel and Hezbollah in Lebanon would end.
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