TEHRAN, June 11 — A proposed deal between Iran and the U.S. would reopen the Strait of Hormuz and lift oil sanctions, according to Iran’s Mehr News Agency. The draft deal includes a commitment from the U.S. to lift oil sanctions, and final negotiations will not begin until half of Iran’s frozen funds are released and a U.S. naval blockade ends.
Iran has also pledged to reopen the Strait of Hormuz within 30 days, among other points, Mehr reported.
Other provisions in the 14-point draft deal document include the withdrawal of all U.S. forces from Iran and the requirement of the U.S. and its allies to present reconstruction plans for Iran worth at least $300 billion. A day earlier, Trump said the U.S. and Iran could sign a peace deal as soon as this weekend.
This is not the first time Trump has claimed a peace deal is close to completion, having made similar statements over 30 times throughout the war. Global stocks surged on Friday on hopes a peace deal would be reached, with European shares jumping and the pan-European Stoxx 600 gaining 1.8% while most major exchanges added around 2% in morning trade. Oil prices tumbled, with U.S. crude oil futures for July delivery falling 1.61% and August futures for Brent losing 1.75%.
Earlier on Friday, India’s Ministry of External Affairs summoned the deputy mission chief at the U.S. embassy in New Delhi, regarding “continuing attacks by U.S. naval forces on commercial vessels carrying Indian mariners in the Gulf of Oman.” The Indian ministry reported that these attacks have resulted in the loss of Indian lives.
Trump had claimed in the Oval Office that the U.S. “just made a great settlement of the war with Iran,” subject to the “finalization of documents.” As the situation continues to unfold, it remains to be seen whether a peace deal will be reached and what the implications will be for the region and global markets.
The U.S. and Iran have been at war for four months, and a peace deal would be a significant development.
With the proposed deal including the reopening of the Strait of Hormuz and the lifting of oil sanctions, it is likely to have a major impact on global oil prices and trade. As the world waits to see if a peace deal will be reached, all eyes will be on the U.S. and Iran to see if they can finalize an agreement and bring an end to the conflict.
The coming days will be crucial in determining the outcome of the negotiations and the future of the region.
