Iran has formally agreed to guarantee free and open transit through the Strait of Hormuz and to allow International Atomic Energy Agency (IAEA) inspectors back into the country, according to US Treasury Secretary Scott Bessent.
The commitment marks a significant de-escalation in tensions that have long threatened global energy supplies and maritime security in the Persian Gulf.
The announcement follows 18 hours of intensive diplomatic talks in Switzerland, where US and Iranian negotiators reached a mechanism to secure the waterway.
For markets, the development directly addresses the primary geopolitical risk premium embedded in energy and shipping assets.
The Strait of Hormuz handles roughly a fifth of global oil consumption, and any disruption there has historically triggered sharp spikes in Brent crude and tanker freight rates.
Bessent’s confirmation signals that Washington views the agreement as a credible step toward stabilizing the region.