Iran says Hormuz traffic will return to pre-war levels within 30 days after deal

Amid conflicting claims about the terms of a probable agreement for extending ceasefire and deciding the framework for negotiations to achieve a lasting peace, Iran's semi-official Tasnim news agency reported that a draft understanding under discussion between Washington and Tehran proposes that shipping through the Strait of Hormuz would return to pre-war levels within 30 days.

The US has been insisting on free navigation in the vital waterway, like earlier.

The reopening of the Strait of Hormuz would ease one of the biggest global energy disruptions in recent years after energy prices soared, pushing up inflation levels across the globe.

Iran’s semi-official Tasnim news agency reported that the naval blockade around the strait would also be fully lifted during the 30-day period, while part of Iran’s frozen overseas funds would also be released.

The likely breakthrough comes nearly three months after war started between Iran, the US and Israel, leading to severe disruptions in maritime traffic through the Strait of Hormuz.

Also Read: Iran’s president Pezeshkian says Iran ready to assure world it’s not seeking nuclear weapons

Around 125 to 140 ships crossed the strait daily before the war. The vessel movement dropped sharply after Iran tightened control over the waterway and, subsequently, the US imposed a naval blockade on shipping linked to Iranian ports.

Managing the Strait of Hormuz is Tehran’s ‘legal right’: Adviser

Mohsen Rezaei, the military adviser to Iran’s Supreme Leader, Mojtaba Khamenei, has said that managing the strategically vital Strait of Hormuz is Tehran’s “legal right,” and such control would help secure the country’s national interests and end decades of instability in the Gulf.

The adviser said Iran’s management of the Strait of Hormuz would “ensure national security” and mark “the end of 50 years of insecurity in the Gulf.”

Also Read: Trump says Iran ‘getting a lot closer’ to deal with US; Tehran also shares optimism

‘Significant progress made,’ says Rubio

US Secretary of State Marco Rubio, who is on a visit to India, has said that negotiations may be nearing a turning point. Addressing a press conference with Indian External Affairs Minister S. Jaishankar, Rubio said there had been notable movement in the talks, though he stressed that no final agreement had yet been reached.

In a post on Truth Social, President Donald Trump also said that Washington and Tehran had “largely negotiated” the framework of a peace arrangement that could reopen the Strait of Hormuz.

“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote.

Also Read: ‘Talks will collapse if the US doesn't show flexibility’: Iran’s media

Difficult issues remain unresolved: Iran

However, Iran has indicated that difficult issues remain unresolved. Tasnim reported that Tehran has not yet accepted any commitments related to curbing its nuclear activities. The report added that the draft agreement creates a 60-day period for future talks on nuclear matters, separate from the 30-day timeline related to maritime navigation in Hormuz.

Also Read: Iran’s top negotiator Ghalibaf warns US of ‘crushing and bitter’ response if it ‘foolishly’ restarts war

Meanwhile, Iranian President Masoud Pezeshkian tried to reassure the international community that Iran is not seeking nuclear weapons. Pezeshkian also warned that Tehran’s negotiating team would not compromise on core national interests.

Brent crude prices have surged more than 40 per cent since the conflict erupted earlier this year, raising fuel and food costs across many countries.