Strait Of Hormuz May Reopen 30 Days After US-Iran Peace Deal: Report

After almost 30 days of a peace deal between the US and Iran, a plan to discuss the opening of the strategically vital shipping route Strait of Hormuz is under consideration, Nikkei Asia newspaper reported, citing sources.

Iran is expected to begin clearing mines from the Strait of Hormuz during a 30-day period after any agreement is reached. Once the operation is completed, vessels from all countries would be able to pass through the waterway freely and safely, while Iran would also end transit fee collections.

The closure of the Strait of Hormuz has caused turmoil in global energy markets, with oil prices surging sharply since hostilities began.

The ceasefire agreed on by the US and Iran in early April would be extended for 60 days. Talks are likely to be held on Iran's nuclear programme during this two-month pause in hostilities. Specific measures would be worked out for the handling of Iran's enriched uranium.

The easing of US sanctions and the release of frozen Iranian assets would take place in a phased manner.

Ayatollah Mojtaba Khamenei's approval key

Notably, the approval of Iranian Supreme Leader Ayatollah Mojtaba Khamenei is said to be key to the proposed agreement. Whether a final agreement will be reached remains unclear.

Meanwhile, Chinese Foreign Minister Wang Yi held talks with Pakistani Field Marshal Asim Munir in Beijing on Monday. Munir said that the two sides were close to reaching a deal, the Chinese Foreign Ministry said. Pakistan has been playing the mediator in brokering peace between the two warring sides.