The United States will lift its blockade on Iranian ports once an agreement is reached to restore commercial shipping through the Strait of Hormuz, a US official told Reuters on Friday, saying Washington expects a deal to be finalized soon.
Iranian negotiators are awaiting final approval from the country’s Supreme National Security Council on a proposed arrangement governing navigation through the strategic waterway, according to Axios, which cited a diplomat from a country involved in mediation efforts.
US President Donald Trump also confirmed that talks with Iran were ongoing, telling reporters at the White House that discussions were underway.
The proposed agreement would establish rules for commercial vessel movement through waters controlled by Iran and Oman, while the United States continues to demand that the Strait of Hormuz remain open to international shipping without restrictions.
Shipping activity through the vital waterway has dropped sharply. Only 33 vessels crossed the Strait of Hormuz from Monday to Thursday this week, compared with 50 during the same period a week earlier and far below the normal weekly average of around 130 to 140 ships before the outbreak of war on February 28.
According to Reuters, Iran has sought transit fees of around 5 to 7 percent of cargo values, while Oman has discussed charges of approximately 3 percent.
Washington has opposed any such fees, while shipping and insurance companies have warned that payments to Iranian authorities could violate US sanctions and create insurance complications.
