Hormuz traffic to return to pre-war levels within 30 days after peace deal: Iran A draft understanding under discussion between Washington and Tehran proposes that shipping through the strategic waterway would return to pre-war levels within 30 days, according to Iran's semi-official Tasnim news agency. After months of war, soaring oil prices and mounting fears of a regional collapse, the United States and Iran now appear closer than ever to a deal that could reopen the Strait of Hormuz and ease one of the biggest global energy disruptions in recent years. A draft understanding under discussion between Washington and Tehran proposes that shipping through the strategic waterway would return to pre-war levels within 30 days, according to Iran's semi-official Tasnim news agency. The report said the naval blockade around the strait would be fully lifted during that period, while part of Iran's frozen overseas funds would also be released in the first phase of the agreement. The possible breakthrough comes nearly three months after conflict erupted between Iran, the US and Israel, which forced severe disruptions in maritime traffic through the Strait of Hormuz. Before the war began in February, around 125 to 140 ships crossed the strait daily. Since then, vessel movement has dropped sharply as Iran tightened control over the waterway and the US imposed a blockade on shipping linked to Iranian ports. RUBIO SIGNALS SIGNIFICANT PROGRESS US Secretary of State Marco Rubio, currently on a visit to India, hinted that negotiations may be nearing a turning point. Speaking alongside Indian External Affairs Minister S. Jaishankar, Rubio said there had been notable movement in the talks, though he stressed that no final agreement had yet been reached. "Suffice it to say that some progress has been made - significant progress, although not final progress has been made," Rubio said. US President Donald Trump also added to expectations surrounding a possible agreement. On Truth Social, Trump said Washington and Tehran had "largely negotiated" the framework of a peace arrangement that could reopen the Strait of Hormuz. "Final aspects and details of the Deal are currently being discussed, and will be announced shortly," Trump wrote. The proposed framework is reportedly being brokered with help from Pakistan. Multiple reports in both the US and Iran claims the agreement could include the lifting of restrictions on Iranian shipping, sanctions relief on oil exports and guarantees linked to regional security. NUCLEAR ISSUE CONTINUES TO CAST SHADOW OVER TALKS Despite the positive tone surrounding the negotiations, Iran has indicated that difficult issues remain unresolved. Tasnim reported that Tehran has not yet accepted any commitments related to curbing its nuclear activities. The report added that the draft agreement creates a 60-day period for future talks on nuclear matters, separate from the 30-day timeline related to maritime navigation in Hormuz. Iranian President Masoud Pezeshkian attempted to reassure the international community while also maintaining a firm stance on national sovereignty. "We are ready to reassure the world that we are not seeking nuclear weapons," Pezeshkian said. Meanwhile, he warned that Tehran's negotiating team would not compromise on core national interests. "Our negotiating team will not compromise when it comes to our country's honour and dignity," he added. Iran has repeatedly denied accusations that it seeks nuclear weapons, insisting that uranium enrichment is meant for civilian use. However, Western powers remain concerned because Iran has enriched uranium far beyond levels typically needed for energy production. Reports also suggest that one proposed clause in the draft framework would require Iran to commit never to pursue nuclear weapons, while the US and its allies would agree not to launch attacks on Iran or its regional allies. Any agreement that reopens the Strait of Hormuz would be closely watched by energy markets worldwide. Brent crude prices have surged more than 40 percent since the conflict erupted earlier this year, raising fuel and food costs across many countries.
Hormuz traffic to return to pre-war levels within 30 days after peace deal: Iran A draft understanding under discussion between Washington and Tehran proposes that shipping through the strategic waterway would return to pre-war levels within 30 days, according to Iran's semi-offi…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.