An unofficial draft of a proposed interim agreement between the United States and Iran reportedly indicates that commercial navigation through the Strait of Hormuz could return to normal within a month after the accord is finalized, Iranian state television reported Wednesday.
The report, carried by IRIB News, did not make clear when the draft was produced nor did it state whether U.S. officials have agreed to the provisions it contains. That lack of clarity leaves the timeline and implementation prospects uncertain.
Market reaction to the report was immediate. Brent crude fell nearly 5% to a price below $95 a barrel, and the benchmark has dropped by more than 8% over the course of the week as traders responded to growing optimism about a potential deal.
According to the terms described in the draft, the United States would lift a naval blockade on Iranian ports and withdraw American naval forces from waters surrounding Iran. The draft also calls for Iran and Oman to establish a joint mechanism to oversee shipping through the Strait of Hormuz.
The mechanism for oversight in the strait has been one of the most contentious elements in negotiations, the draft suggests. The United States has consistently argued that vessels must be able to transit the waterway without hindrance, a position noted as part of the broader negotiation context.
Because the report is based on an unofficial draft and provides no confirmation of U.S. acceptance or the document's date, key elements of the proposal remain unresolved. The draft's assertion that normal maritime traffic could resume within a month is contingent on the deal being finalized and implemented as described.
For now, markets and participants in shipping and energy sectors are responding to the possibility of reduced regional tensions, while the underlying uncertainties about the draft's status and the positions of negotiating parties persist.
Note: This article reports on the contents of an unofficial draft as described by Iranian state television and does not assert confirmation from U.S. authorities.