US President Donald Trump on Sunday announced a framework agreement between the United States and Iran that aims to end hostilities in the Gulf and restore commercial shipping through the Strait of Hormuz, according to officials involved in the deal.
The agreement, set to be signed in Switzerland on Friday, provides for reopening the waterway to shipping, extending a ceasefire for at least 60 days, lifting a U.S. naval blockade of Iranian ports, and allowing Iran to resume limited oil exports under sanctions relief while broader negotiations on its nuclear program continue.
The framework comes after more than three months of disruption to shipping in the Strait of Hormuz, where traffic had fallen sharply amid conflict-related risks.
Maritime risk management sources said restoring normal shipping operations will require clearing naval mines deployed during the conflict, a process that could take 40 to 50 days. They said minesweepers, underwater drones and sonar systems would locate most mines, but drifting or hidden devices could complicate clearance. Independent verification of safe passage would follow.
Shipping companies are also expected to weigh war-risk insurance costs before resuming full operations. Insurance premiums remain significantly higher than pre-conflict levels, with estimates ranging from 1% to 4% of a vessel’s value per transit. Industry analysts said pre-conflict rates stood below 0.1%.
Shipping data cited by commodity intelligence firms indicated that hundreds of vessels remain stranded in and around the Gulf region, including fully loaded tankers waiting to transit the strait and empty ships awaiting cargo.
The United Nations’ International Maritime Organization reported that thousands of seafarers remain aboard vessels affected by the disruption, and that several crew members have died during attacks in the region.
Analysts said Gulf states will also need to inspect and repair energy infrastructure before restoring full oil and gas production. They said shipping schedules, tanker availability and buyer confidence will affect how quickly trade normalizes.
Economists projected that partial recovery of energy flows could take weeks, with a fuller return to normal conditions expected later in the year, depending on security conditions.
Officials from the United States and Iran have not yet resolved key issues under the framework, including the long-term status of the Strait of Hormuz, sanctions relief terms, and Iran’s nuclear program, leaving the agreement subject to further negotiation.
