Iran said Wednesday it is in the “final stage” of drafting an agreement over the Strait of Hormuz that could reopen the critical waterway, ease pressure on global energy prices and help bring an end to the war, according to a report by the Associated Press.
The agreement is likely to be contingent on the U.S. lifting its blockade on Iran’s ports.
Iran has insisted on some measure of control over the strait, saying it will not go back to being an open international waterway, as it was before the war.
The Trump administration previously ruled out any deal that would solidify Iran’s grip over the strait.
The strait’s closure, through which 20% of the world’s traded oil and natural gas once passed, has raised fuel prices and the cost of basic goods.
