A proposed deal between Iran and the United States would restore Strait of Hormuz shipping to pre-war volumes within 30 days, Iran’s semi-official Tasnim news agency reported on Sunday, providing the first specific implementation timeline from the Iranian side since negotiations entered their decisive phase.
Tasnim said Tehran would continue to “exercise its sovereignty” over the Strait through unspecified means, and that the US-led naval blockade against Iran must be fully lifted within the same 30-day window.
A separate report by Axios, citing a US official, said the broader agreement would include a 60-day ceasefire extension, the reopening of the Strait, Iran’s ability to freely sell oil, and continued negotiations on curbing Tehran’s nuclear programme. US President Donald Trump wrote on Saturday that a memorandum of understanding was largely negotiated and the Strait would reopen under the proposed deal.
Iran’s Fars news agency, however, pushed back on the framing. It reported that the draft agreement would allow Iran to “manage” the Strait of Hormuz, and described Trump’s assertion that a deal was nearly final as “inconsistent with reality” — the second time in a week Iranian state media has publicly contradicted optimistic US framings.
The gap matters for global oil markets and for Sri Lanka’s import bill. The Strait carries roughly a fifth of global crude shipments, and its disruption since February has driven Brent prices to multi-year highs and forced CPC diesel costs above $281 per barrel on recent shipments. A 30-day restoration to pre-war traffic volumes — if achievable — would unwind much of the freight and insurance premium that has compounded Colombo’s fuel and fertiliser import costs.
US Secretary of State Marco Rubio said in New Delhi on Sunday that “good news” could come “within a few hours”, an upgrade from his Saturday characterisation that negotiations had made only “some progress”. Pakistan continues to mediate between Washington and Tehran.
Iran also separately conducted three foreign-minister-level calls on Saturday with Saudi Arabia, Qatar and Egypt to brief regional capitals on the talks.
