Iran has formally committed to allowing "free and open" transit through the Strait of Hormuz and the return of International Atomic Energy Agency (IAEA) inspectors to its territory, according to US Treasury Secretary Scott Bessent.
The announcement follows diplomatic talks in Switzerland and represents a significant shift in Tehran's posture toward Washington.
The pledge directly addresses the primary source of shipping risk premiums that have weighed on global energy markets.
By committing to unblock the chokepoint, Iran removes the immediate threat of physical disruption to oil flows, which account for roughly a fifth of global seaborne trade.
Markets are likely to interpret this as a reduction in the geopolitical risk premium embedded in freight rates and crude prices.
This development builds on earlier reports that Iran had set conditions for a peace deal, including the reopening of the Hormuz corridor in exchange for sanctions relief.