US and Iran Near Final Deal to Reopen Hormuz Strait as US Conducts Self-Defense Strikes

The United States and Iran are nearing a provisional agreement to reopen the Strait of Hormuz and extend a ceasefire, signaling a potential easing of tensions, according to multiple reports including Fortune and El Financiero. The deal may include a 60-day truce and measures to facilitate free maritime transit, alongside discussions on easing sanctions and addressing Iran’s nuclear program. US President Donald Trump announced that negotiations are progressing favorably, though key details remain unsettled.

Despite the diplomatic progress, the US military conducted self-defense airstrikes targeting Iranian missile sites and boats engaged in mine-laying, as confirmed by Fortune and Rappler. These actions underline the fragile security dynamics in the region even as talks continue. Iranian officials, including Parliament President Mohammad Baqer Ghalibaf’s delegation, are actively engaging in Doha to finalize terms related to transit rights and the release of frozen Iranian assets.

The prospect of reopening the strategically vital strait has strongly influenced global markets. Oil prices fell by around 5.5%, reaching approximately $97.6 per barrel, while stock futures and bond yields reacted positively, as reported by Vanguard Nigeria and MyJoyOnline. This shift is seen as potentially lowering fuel costs in countries such as Nigeria and boosting Asian markets, particularly in Japan and South Korea.

While progress has been made, sources including Dawn and Semafor suggest an imminent agreement remains uncertain, with unresolved disputes over financial access and transit protocols. Iran acknowledges advancements on multiple fronts but indicates that a final deal has not yet materialized, reflecting ongoing complexities in the diplomatic process.

Observers will be watching closely how the negotiations unfold in Doha, where key decisions about maritime security and sanctions relief will shape regional stability and global energy markets. The outcome could set a precedent for further de-escalation between the US and Iran and influence broader geopolitical dynamics in the Middle East.