US and Iran Near Deal to Reopen Crucial Strait of Hormuz After months of war, soaring oil prices and mounting fears of a regional collapse, the United States and Iran now appear closer than ever to a deal that could reopen the Strait of Hormuz and ease one of the biggest global energy disruptions in recent years. A draft understanding under discussion between Washington and Tehran proposes that shipping through the strategic waterway would return to pre-war levels within 30 days, according to Iran's semi-official Tasnim news agency. The report said the naval blockade around the strait would be fully lifted during that period, while part of Iran's frozen overseas funds would also be released in the first phase of the agreement.
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