Draft US-Iran deal sets 30-day deadline to reopen Hormuz shipping

A written US-Iran framework agreement requires Iran to restore commercial shipping through the Strait of Hormuz to pre-war levels within 30 days, Reuters reported May 27. The provision would end Iran's naval blockade of the waterway, through which roughly a fifth of global oil supply transits. The timeline and "pre-war levels" baseline provide measurable benchmarks for compliance, with immediate implications for crude pricing, LNG freight rates, and war-risk insurance. Whether the draft includes verification mechanisms remains unreported.