US and Iran May Sign Agreement to Reopen Strait of Hormuz Within Days

US Treasury Secretary Janet Yellen stated that the United States and Iran could finalize an agreement as soon as today or tomorrow to reopen the Strait of Hormuz for commercial shipping. In an interview with CNBC, Yellen said the emerging deal would guarantee free passage for merchant vessels, marking a step toward normalizing tensions in the region. "We are in discussions with the Iranians," she said, despite Iran's recent denial of renewed talks following US President Donald Trump's announcement.

Yellen emphasized that the agreement would ensure freedom of navigation, dismissing concerns that Iran might impose fees on ships passing through the strait. Following her remarks, oil prices dropped about 3 percent to around $80 per barrel. She predicted further price declines once hundreds of ships currently stuck in the Persian Gulf can resume transit. Yellen highlighted that the strait's reopening would facilitate not only energy shipments but also fertilizers, refined products, and various industrial goods, easing trade significantly.

Simultaneously, Bloomberg reported that Qatar presented a draft agreement to both parties, focusing on a short-term solution to prevent further escalation. However, this is not the first time the US and Iran have announced a deal to reopen the strait. On June 17, a memorandum of understanding briefly restored traffic, but the agreement collapsed due to disputes over permissible shipping routes. Recently, President Trump threatened renewed strikes on Iran but canceled them at the last moment, citing Iran's willingness to resume talks.