Iran Deal Would Reopen Hormuz, Lift Oil Sanctions, State Media Says
Iran state media says a draft deal with the U.S. would lift oil sanctions and reopen the Strait of Hormuz within 30 days. Oil prices fell on the report.
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Iranian state media reported Friday that a draft memorandum of understanding between Tehran and Washington includes a U.S. commitment to lift oil sanctions and an Iranian commitment to reopen the Strait of Hormuz within 30 days.
The 14-point document, reported by the Mehr News Agency, stipulates that final negotiations will not begin until half of Iran's frozen funds are released, oil sanctions are suspended, and the naval blockade is lifted. The draft also calls for the withdrawal of all American forces from Iran and for the U.S. and its allies to present reconstruction plans worth at least $300 billion.
President Donald Trump said Thursday the U.S. "just made a great settlement of the war with Iran," pending "finalization of documents." He added in the Oval Office that the Strait of Hormuz would reopen as soon as a deal is signed.
About 25% of the world's seaborne oil trade and 20% of global LNG passes through the Strait, a chokepoint that has been central to the conflict's disruption of energy markets.
Global equities rallied Friday on hopes of a peace deal. U.S. crude oil futures for July delivery fell 1.61%, while August Brent futures lost 1.75%.
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