US-Iran deal would reopen Hormuz within 30 days, setting terms for compliance

A draft US-Iran agreement requires Iran to restore normal commercial shipping through the Strait of Hormuz—which carries roughly one-fifth of the world's oil—within 30 days, Reuters reported May 27. The provision ends Iran's naval blockade. The 30-day timeline and "pre-war levels" baseline create measurable compliance targets, with immediate ripple effects on oil prices, liquefied natural gas freight costs, and shipping insurance. Whether the deal includes verification mechanisms remains unclear.