Since the outbreak of the US-Israeli military campaign against Iran on February 28, disruptions in the Strait of Hormuz have fueled sharp increases in global oil prices and accelerated the depletion of strategic petroleum reserves, underscoring the waterway's importance to the world's energy supply.
The International Energy Agency (IEA) recently warned that commercial oil inventories had fallen to levels sufficient for only a few more weeks, raising concerns about the stability of global energy markets if the conflict continued.
The United States has also seen its Strategic Petroleum Reserve decline to its lowest level since 1983. Current reserves stand at roughly 340 million barrels, compared with about 415 million barrels when hostilities began, highlighting the strain placed on emergency stockpiles during the crisis.
Against this backdrop, US President Donald Trump announced that Washington and Tehran had finalized a memorandum of understanding aimed at ending the conflict. The agreement provides for an immediate ceasefire across all fronts, including Lebanon, and includes the lifting of the US naval blockade on Iran as well as the reopening of the Strait of Hormuz to commercial shipping.
Iranian officials have maintained throughout the conflict that restrictions on navigation through the strategic waterway were a legitimate defensive response to what they described as unprovoked military aggression. Tehran has argued that restoring normal maritime traffic would depend on an end to hostilities and guarantees for regional security.
The framework agreement, which is expected to be formally signed in Switzerland on Friday, is intended to lay the foundation for broader negotiations on unresolved issues between the two countries.
Iranian officials have portrayed the deal as a diplomatic success, saying it secures an end to military operations and the removal of the naval blockade while preserving the country's sovereign rights. Further negotiations on Iran's nuclear program and sanctions relief are expected to begin after both sides implement the initial commitments outlined in the memorandum.