The US and Iran have reached a preliminary agreement on extending the ceasefire and starting negotiations on Iran's nuclear program, according to media reports.
According to Axios, which first reported the information, the proposed 60-day memorandum of understanding would guarantee unrestricted navigation through the Strait of Hormuz, although the agreement still requires approval by President Donald Trump. Iran would also remove all mines from the strait within 30 days.
See also: America threatens its partner in the Persian Gulf. “All those involved will be punished”
Oil price
After media reports about the agreement, the price of oil fell, erasing the earlier increases on Thursday.
Brent crude futures, the international benchmark, fell to close at $93.7. per barrel. Futures contracts for US West Texas Intermediate crude oil are trading at $88.9. per barrel.
Earlier in the session, oil prices rose by about 2 percent after the exchange of military attacks between the US and Iran. The Revolutionary Guard said it fired at a US air base, but did not reveal its location.
See also: The oil market in Asia has reached the bottom. “Europe thinks there is no problem”
U.S. Central Command subsequently said Iran fired ballistic missiles at Kuwait, which were successfully intercepted.
The United States and Iran have remained at an impasse over the Strait of Hormuz since reaching a fragile ceasefire in April.
Hormuz tolls and Oman's role
US Treasury Secretary Scott Bessent said on Thursday that he had spoken that day with Oman's ambassador, who assured him that the country had no plans to impose transit fees in the Strait of Hormuz.
— I spoke on the phone this morning to the ambassador of Oman, who assured me that there are no plans to impose fees on the Strait. As he said, our countries have had good relations for 200 years and he wants them to last for another 200 years, Bessent emphasized at a briefing at the White House.
Earlier in the day, Bessent warned Omani authorities against attempts to establish a transit fee system in the Strait of Hormuz, threatening the country with sanctions. On Wednesday, US President Donald Trump threatened to bomb a previously friendly country.
