Middle East crisis live: US and Iran signal hope for Hormuz deal but terms unclear
Summary
The United States and Iran are working on a possible agreement to allow safe passage of ships through the Strait of Hormuz, a key route for global oil and gas supply that has been closed since late February. While both sides express hope for progress, the exact terms and timing of reopening remain uncertain, especially as Iran demands the removal of the US naval blockade and greater control over the strait.Key Facts
- The Strait of Hormuz carries about 20% of the world’s oil and gas before the conflict.
- The strait has been effectively closed since February 28, causing oil prices to rise sharply.
- US President Donald Trump said progress is being made and a deal could happen soon.
- Iran is negotiating with Oman to manage ship traffic and hopes to gain more control over the strait.
- Iran demands the end of the US naval blockade on its ports as a condition to reopen the strait.
- The US rejects Iran’s demands for greater control over the shipping route.
- Oil prices rose above $80 a barrel after falling briefly on hopes of a deal.
- Gasoline and diesel prices have increased, impacting consumers, especially during the summer travel season.
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