US–Iran deal update: Strait of Hormuz may be reopened, oil trade set for major shift

Details of a possible emerging agreement between the United States and Iran have surfaced in international media, suggesting major geopolitical and economic developments, including the potential reopening of the Strait of Hormuz and easing of restrictions on Iranian oil exports.

According to a report by the US-based news website Axios, the proposed understanding may include the reopening of the strategic Strait of Hormuz without tolls, a lifting of restrictions on Iranian ports, and the allowance of free Iranian oil sales in global markets. The report also described what it called “advanced diplomatic efforts” in the ongoing negotiations.

The Axios report further claimed that discussions also include a possible 60-day ceasefire extension framework along with steps toward restoring normal maritime movement through the Strait of Hormuz, one of the world’s most critical oil transit routes.

However, no formal agreement has been confirmed by either side so far.

Iranian media reports suggest that differences still remain on “one or two” key points in the draft understanding, indicating that negotiations are still ongoing.

Speaking at a press conference in New Delhi, US Secretary of State Marco Rubio stated that “significant progress” has been made in the talks, but emphasized that no final agreement has yet been reached. He also hinted that US President Donald Trump may issue an official announcement soon.

The development comes after President Trump said earlier that a deal with Iran was “mostly done,” adding that the issue of the Strait of Hormuz had been discussed, though without providing detailed terms.

Meanwhile, Iran’s semi-official Tasnim News Agency reported that under the draft framework, the Strait of Hormuz would not revert to its “pre-war status,” but maritime traffic levels would be restored to previous volumes, suggesting a phased normalization approach.

Despite growing speculation, there has been no direct confirmation or public statement from either the US or Iranian leadership regarding a finalized agreement.