News Desk
WASHINGTON: Diplomatic efforts to fully reopen the Strait of Hormuz appeared to be making progress, with reports suggesting that negotiations were moving towards restoring normal commercial shipping through the strategic waterway.
Arab television reports said preparations were under way for the complete reopening of the strait, with an official announcement expected within hours or on Wednesday. The development came after comments by US Treasury Secretary Scott Bessent, who indicated that an agreement could be reached between the United States and Iran soon.
Speaking in Washington, Bessent said discussions between Washington and Tehran were focused on ensuring the uninterrupted movement of commercial vessels through the Strait of Hormuz and reducing tensions in the region.
He said a final understanding could be announced as early as Tuesday or Wednesday, raising hopes among international markets and shipping industries that disruptions to one of the world’s most important maritime routes could soon end.
Responding to questions about whether Iran would be permitted to impose tolls on ships passing through the waterway, Bessent said any arrangement would ensure complete freedom of navigation for commercial vessels.
He said reopening the strait would help restore global supplies of crude oil, fertilizers, refined petroleum products and industrial gases. The move could also allow hundreds of ships stranded in the Gulf to resume their journeys.
The Strait of Hormuz is a vital route for global energy trade, and any disruption there has wider consequences for international markets, shipping costs and commodity prices. The reported progress in talks was seen as a significant diplomatic development aimed at easing regional tensions and protecting the flow of global trade.
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