Strait of Hormuz Agreement Draft Finalized, Awaiting Approval from Iranian Supreme Leader

BlockBeats News, August 5th, according to the Associated Press, two Gulf officials said that Iran and Oman negotiating representatives have finalized a draft agreement for the Strait of Hormuz, and are awaiting final approval from Iran's Supreme Leader.

Earlier today, news broke that the U.S., Iran, and Oman are close to reaching a 60-day interim agreement to reopen the Strait of Hormuz. Under the proposed plan, ships entering the Persian Gulf will pass through Iranian waters, while ships exiting the Strait of Hormuz to the Arabian Sea will pass through Omani waters. During the initial 60-day period of the agreement, no tolls or transit fees will be charged. All parties have also agreed to clear naval mines in the vicinity of the Strait of Hormuz to restore a safer maritime environment and create conditions for negotiations on a long-term passage arrangement.