Iran to open Strait of Hormuz 30 days after deal

The United States and Iran are reportedly exploring a gradual reopening of the Strait of Hormuz, a critical chokepoint for global energy supplies, as part of ongoing negotiations to end hostilities. The discussions, detailed in a report by Japan's Nikkei newspaper, suggest a framework agreement that could lead to the strait's full reopening approximately 30 days after Washington and Tehran reach a deal.

A diplomatic source from the Middle East, cited by Nikkei, indicated that Iran might be prepared to clear mines from the maritime area during a one-month transitional period. Following this process, ships of all nations would be able to navigate freely and safely, and Tehran would cease imposing transit fees. This potential agreement is occurring within a context of heightened international pressure for de-escalation in the region, as disruptions in the Strait of Hormuz have severely affected international shipping and the energy market.

The report also suggests that the ceasefire, initially agreed upon in early April, is expected to be extended for another 60 days. This extension would provide more time for new talks concerning Iran's nuclear program and other outstanding issues between the two countries. Despite the difficulties, a limited resumption of tanker traffic through the Strait of Hormuz has been observed in recent days.

In the past 24 hours, three LNG tankers bound for Pakistan, China, and India, along with a supertanker carrying Iraqi crude oil to China, passed through the area after nearly three months of inactivity. Additionally, other supertankers have departed from the Persian Gulf in recent weeks, utilizing a sea route designated by Iran for ship passage. This limited revival of navigation is a crucial development for the global energy market, as the Strait of Hormuz accounts for approximately 20% of the world's oil and LNG transit.