The United States and Iran are nearing an agreement that would extend the current ceasefire for 60 days, reopen the Strait of Hormuz to commercial shipping, and allow Iran to resume unrestricted oil exports, Axios reported on Saturday, citing a US official.
Under the proposed arrangement, the Strait of Hormuz would remain open for 60 days, with ships allowed to pass without fees. Iran will also remove mines it previously deployed in the strategic waterway to restore normal shipping traffic.
In return, the United States will lift its blockade of Iranian ports and grant exemptions from sanctions allowing Tehran to sell oil on international markets.
The draft agreement also includes pledges by Iran not to seek nuclear weapons and to enter into negotiations on suspending uranium enrichment activities. Discussions will also include removing Iran’s stockpile of highly enriched uranium.
According to the report, Iranian officials have already given verbal assurances through intermediaries regarding the scope of concessions they are willing to make on enrichment and nuclear materials.
The proposed extension of the ceasefire would create a window for broader diplomatic talks between Washington and Tehran, including discussions about easing sanctions and releasing frozen Iranian assets.
The Strait of Hormuz is one of the world’s most important energy transit routes, handling nearly a fifth of global oil shipments. The disruption of traffic through the waterway since the outbreak of hostilities has raised concerns about global energy supplies and inflation.
Reopening the strait would represent an important step towards restoring normal shipping flows through the Gulf region after months of conflict-related turmoil.
The White House did not immediately respond to a Reuters request for comment on the Axios report.
Source: Investing.com
