Iran and the United States are moving closer to a potential framework agreement that could ease tensions in West Asia and restore commercial activity through the strategic Strait of Hormuz, Iranian state media reports said on May 27.Iran’s state television reported that a draft memorandum of understanding under discussion envisages the withdrawal of US military forces from areas around Iran and the lifting of the naval blockade imposed during the conflict. In return, Tehran has reportedly agreed to restore commercial transit traffic through the Strait of Hormuz to pre-war levels within a month. Military vessels, however, would remain outside the scope of the proposed arrangement.The latest proposal also indicates that Iran and Oman would jointly oversee shipping routes and traffic management through the narrow waterway, which handles nearly a fifth of global oil and LNG flows. The development comes amid growing global concerns over energy supply disruptions and elevated crude prices following months of instability in the Gulf region.Also read | Indian Navy deploys helicopter, boarding team after piracy alertFor India and other major energy importers, any agreement leading to normalisation in Hormuz traffic could ease concerns over supply disruptions and crude price volatility. The waterway remains one of the world’s most critical energy chokepoints, making developments in the negotiations closely watched by global markets.Various recent reports had indicated that negotiators from both sides were working on a broader 14-point understanding aimed at ending hostilities and reopening shipping lanes. The framework discussions have included issues such as sanctions relief, release of frozen Iranian assets and freedom for Iran to resume oil exports.If a final deal is reached within 60 days, this agreement will be approved in the form of a binding un security council resolution, Iran's state TV said.Also read | Senior Ukrainian commander sees imminent 'turning point' in warThe Islamabad memorandum framework is not yet finalised, Iran further said, adding that no step would be taken without "tangible verification".It may be noted here that the Strait of Hormuz has remained central to the negotiations since the outbreak of the conflict earlier this year disrupted global maritime trade and stranded hundreds of vessels in the Gulf.Tehran had earlier floated proposals to permit safe commercial passage through Omani waters if Washington agreed to de-escalation measures.Till now, despite signs of progress, several contentious issues have remained unresolved, including Iran’s nuclear programme and the future role of US military assets in the region.Reports suggest the proposed understanding could create a new window to allow negotiators to work toward a broader settlement.