The US and Iran have agreed on a ceasefire and the reopening of the Strait of Hormuz – media reports

The US and Iran have reached a ceasefire agreement that also provides for free navigation through the Strait of Hormuz, according to Turkish news agency Anadolu, citing Pakistani and Iranian sources. The agreement could be officially announced in the coming days.

The restoration of free navigation through the Strait of Hormuz is critical for the global energy market. Before the war began, around one-fifth of global crude oil and liquefied natural gas shipments passed through the waterway, while vessel traffic has remained significantly restricted in recent weeks.

US President Donald Trump said earlier that all mines in the international waters of the Strait of Hormuz had been removed or destroyed. Iran and Oman had also discussed establishing a joint temporary navigation corridor and clearing the route of mines.

News of a potential settlement is already affecting the crude oil market. On August 26, Brent futures fell by more than 2% to around $86 per barrel, as prospects for the restoration of shipping eased concerns over disruptions to energy supplies from the Middle East.

At the same time, Washington and Tehran have not yet officially announced a ceasefire, and details of the potential agreement remain undisclosed. If the deal is confirmed and traffic through the Strait of Hormuz fully resumes, it could significantly reduce the geopolitical risk premium in the global crude oil market.

Tags: Hormuz, Iran, USA