A mediated deal to revive the memorandum of understanding between the United States and Iran is reportedly in the final stages, with the agreement set to keep the Strait of Hormuz open for 60 days without transit fees.
Sources familiar with the negotiations told Channel 12 on Sunday that the framework aims to de-escalate tensions in the critical waterway by reinstating terms from the accord signed by the two nations last month.
The development marks a potential turning point for global shipping routes that have faced heightened risk premiums due to geopolitical friction in the Persian Gulf.
By removing transit fees and formalizing safe passage, the proposed arrangement could significantly reduce insurance costs and routing delays for tankers and commercial vessels transiting the chokepoint.
This follows recent reports that a senior Iranian official confirmed a draft agreement includes the immediate reopening of the Strait and a temporary lifting of oil sanctions against Tehran.
Markets have closely monitored the Strait of Hormuz, through which roughly a fifth of the world’s oil supply passes, for signs of disruption.