US and Iran agree to reopen key shipping lane in 30 days

The US and Iran have drafted a deal requiring Iran to restore normal shipping through the Strait of Hormuz—a critical waterway through which one-fifth of the world's oil passes—within 30 days. Iran had blocked the route. The agreement sets clear targets that would immediately affect global oil prices, shipping costs, and insurance rates. It remains unclear how the deal will verify Iran's compliance.