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 high-level discussions in Switzerland, signaling a potential shift in the geopolitical stance that has long threatened one of the world's most critical energy chokepoints.
The pledge directly addresses the primary risk factor that has weighed on global energy markets and shipping insurance premiums.
By guaranteeing open passage, Tehran aims to alleviate fears of disruption to the flow of crude oil and liquefied natural gas that passes through the narrow waterway daily.
For traders, this development reduces the immediate premium for geopolitical risk embedded in freight rates and energy prices.
The return of IAEA inspectors is a separate but linked concession, indicating a broader willingness to engage with international oversight mechanisms.