On Wednesday, the state broadcaster of Iran aired what it described as a draft framework of a memorandum of understanding between Iran and the US, which could help end the 3 month war and clear the way for reopening the strait of Hormuz.
Under the agreement, Iran would bring back the traffic of commercial ships to their pre war level within 30 days.
In return, the United States would withdraw its forces from the areas close to Iran and lift its naval blockade against the ports of Iran.
As per reports, under the agreement, Iran and Oman will share the control of traffic of ships on the strait with no military ships allowed.
In case of agreement within 60 days on the terms and conditions of the document, this document can be presented for adoption in the United Nations Security Council as a resolution.
The White House did not take long to reject the report.
The official account on X immediately responded by stating that the claims made by the Iranian media are baseless, and the document published by them is totally fabricated.
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At a cabinet meeting, Trump told reporters that Iran was eager to make a deal but Washington was not yet happy with what had been offered.
Earlier this week, US Secretary of State Marco Rubio said that a peace deal was still in reach, though warned that the strait would be reopened “one way or the other”.
A global crisis at stake
According to a report released by the International Energy Agency in May, global oil production had dropped by 12.8 million barrels per day since the onset of the hostilities in February.
While oil production from the Gulf countries whose output was affected by the strait closure had been reduced by 14.4 million barrels per day.
World oil demand is projected to fall by 420,000 barrels per day due to increased prices, low growth rates and demand reducing measures implemented in both advanced and developing nations.
Brent oil prices have been extremely volatile amid the crisis, having peaked above $120 per barrel before falling below $100 based on hopes of reaching an agreement.
Washington imposed its naval blockade on 13 April after the talks held in Islamabad failed.
Presently, the ongoing diplomacy consists of an indirect form of discussion, with Pakistan serving as the mediator between Iran and the US.
The Iran Revolutionary Guard Corps says a resumption of war at a full scale against the US is unlikely, but it warned that the country stands prepared for retaliation for any assault on it.
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Of all elements contained in the draft agreement aired by Iran television, one thing missing is anything concerning Iran’s nuclear energy ambitions, a matter President Donald Trump has called the central theme of the war mission.
This could be why Washington stays out of the document, despite their agreement that discussions are progressing well.
In the meantime, access to the world’s most significant waterway is restricted, while the gap between what Iran wishes to communicate and Washington’s readiness to confirm it still characterizes the most critical diplomacy exercise in recent history.
