00:02Hundreds of vessels are stranded in the Strait of Hormuz
00:05as Iran and Oman move closer to an agreement that could ease strain on the global economy.
00:12Two regional officials reported that Iranian and Omani negotiators
00:16were able to finalize the draft deal to reopen the strait
00:19and are now awaiting a final green light from Iran's supreme leader.
00:24The officials added that the potential deal would lay the groundwork
00:28for Washington and Tehran to resume negotiations to reach a final deal on Tehran's nuclear program.
00:34According to US President Donald Trump,
00:37a deal to reopen the crucial oil shipping lane could come this week.
00:42The closure of the strait, through which around 20% of the world's oil and natural gas
00:47passed before the conflict broke out late February,
00:50has driven up the price of fuel and basic goods far beyond the Middle East.
00:55Donald Trump is also under growing pressure to end an unpopular conflict
00:58ahead of midterm congressional elections in the US, due in November.
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