Hormuz flows may return to normal within month of deal: Iran TV

An unofficial draft of a US-Iran interim peace deal says maritime traffic through the Strait of Hormuz can return to normal within a month of the agreement being finalised, according to Iranian state television.

It’s unclear how recent the draft, reported by IRIB News, is or whether the US has agreed to the terms.

Oil dropped on the report, with Brent down almost 5% to below $95 a barrel. It’s fallen more than 8% this week with traders increasingly optimistic there will be an agreement.

Other key points include the US lifting its naval blockade on Iranian ports and the American navy leaving waters surrounding Iran.

The draft also says Iran and Oman will have a mechanism in place to oversee shipping in the strait. That’s one of the most contentious issues holding up a deal, with the US saying vessels must be allowed free passage.

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