Shipowners and traders are adopting a wait-and-see approach to a deal that could reopen the Strait of Hormuz within days, despite President Trump announcing the chokepoint will reopen Friday. Many firms are seeking more concrete details before committing vessels to the transit route after months of false starts. The caution reflects deep skepticism in the shipping industry.
The announcement follows Trump's declaration of a "great peace deal" with Iran, with a signing event reportedly scheduled in Switzerland next Friday, according to Pakistan's prime minister. Iran's president has issued a supportive statement, claiming solid results for Tehran. However, Iranian officials have not made a final decision on the potential memorandum of understanding.
A draft of the proposed MOU includes provisions to dilute highly enriched uranium within Iran and the release of $25 billion of Iran's frozen assets, according to Reuters. The White House has suggested an electronic agreement to be signed on Sunday, leaving nuclear negotiations for a later date. The deal's specifics remain murky, fueling industry hesitation.
The reopening would allow an estimated 600 vessels to exit the region, but the lack of clarity on security guarantees has postponed their departure. Some shipowners fear that a premature return could expose vessels to risk if negotiations falter. The strategic waterway handles about a fifth of the world's oil supply, making its status critical for global energy markets.
Iranian statements have been characteristically cautious, with Fars News Agency reporting no final call has been made. Trump's admission that recent strikes on Beirut "should not have happened" adds another layer of uncertainty to the fragile process.