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Iran, US dispute status of Hormuz in draft deal: Update

Iran, US dispute status of Hormuz in draft deal: Update

Updates with US comments, other details London, 27 May (Argus) — A draft agreement to end the war between the US and Iran includes a pledge from Tehran to return the number of commercial ships passing the strait of Hormuz to pre-war levels within a month, Iranian state television reported on Wednesday. But President Donald Trump later on Wednesday pushed back against Tehran's assertion of control over Hormuz and other Iranian demands. Crude futures fell sharply after the report by Iranian broadcaster IRIB, with front-month Ice Brent approaching $94/bl, the lowest intraday level since 21 April. Prices subsequently regained some ground. IRIB said it had seen a "first draft" of a 14-point agreement that said "managing the passage of ships… and receiving fees for services remains at the discretion of [Iran], which will work in co-operation with Oman". In return, IRIB said the US has pledged to lift the maritime blockade on Iran, and has agreed to "make a commitment" on the issue of its military presence in countries neighbouring Iran. The IRIB report contains no mention of agreement on other key issues, like Iran's nuclear programme, or on the repatriation of funds to Tehran. Iranian officials previously indicated they are eyeing the return of its funds frozen in foreign banks under US mandates. Trump, in televised remarks at the Cabinet meeting on Wednesday, said he expects the strait of Hormuz to reopen immediately if an agreement is signed. "The strait (of Hormuz) is going to be open to everybody," Trump said. "We'll watch over it, but nobody's going to control it. That's part of the negotiation that we have. They would like to control it, nobody's going to control it." Tehran has touted a joint Iranian-Omani mechanism to control navigation through Hormuz. "It's international waters, and Oman will behave just like everybody else, and we'll have to blow them up," Trump said. "They understand that. They'll be fine." Iran should not count on immediate relief of US sanctions or repatriation of funds, Trump said. "We're not talking about any easing of sanctions or giving money," Trump said. "We'll keep control of that money. When they behave properly, and when they do what's right, we'll let them have their money, but right now we're not doing that." By Nader Itayim, Ben Winkley and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.