US-Iran draft deal could reopen Strait of Hormuz within a month - Iranian TV

Investing.com -- An unofficial draft of a US-Iran interim peace deal indicates that maritime traffic through the Strait of Hormuz could return to normal within a month of the agreement being finalized, Iranian state television reported Wednesday.

The draft, reported by IRIB News, lacks clarity regarding its recency or whether the US has agreed to the terms outlined.

Oil prices fell on the news, with Brent crude dropping nearly 5% to below $95 a barrel. Prices have declined more than 8% this week as traders grow more optimistic about a potential agreement.

The draft includes provisions for the US to lift its naval blockade on Iranian ports and withdraw American naval forces from waters surrounding Iran.

According to the draft, Iran and Oman would establish a mechanism to oversee shipping in the strait. This issue has been among the most contentious points in negotiations, with the US maintaining that vessels must be allowed free passage through the waterway.

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