Draft Iran-U.S. agreement would ease blockade, reopen Strait of Hormuz, Iranian state media says

Iranian state media on Wednesday released what it described as a draft memorandum of understanding outlining the first steps toward ending the war between the United States and Iran.

The proposed framework includes a U.S. pledge to lift its maritime blockade in exchange for Iran reopening the Strait of Hormuz for commercial shipping. The agreement would not apply to military vessels.

Under the draft, Iran and Oman would jointly manage the strait.

The memorandum also says the United States has pledged to withdraw military forces from areas surrounding Iran, including forces deployed to the region after the conflict began Feb. 28. The status of troops stationed at existing U.S. bases in the region would be subject to further negotiations.

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The document states that if a final agreement is reached within 60 days, it would be adopted through a binding United Nations Security Council resolution.

The U.S. has not commented on the draft memorandum, which does not mention Iran’s nuclear ambitions. Preventing Iran from obtaining a nuclear weapon has been a key objective for President Donald Trump and one of the primary justifications for launching the war alongside Israel on Feb. 28.

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Thirteen U.S. service members have died in the conflict, while thousands of Iranians have reportedly been killed.

The war has also had a major impact on global economies, as roughly 20% of the world’s fuel supply transited through the Strait of Hormuz before the conflict began. The disruption has driven energy prices higher. In the United States, the average price for a gallon of unleaded gasoline is now $4.45, up from $3.17 at this time last year, according to AAA.