Middle East: Hundreds of ships remain stranded in Strait of Hormuz

Hundreds of vessels are stranded in the Strait of Hormuz, as Iran and Oman moved closer to an agreement that could ease strain on the global economy.

Two regional officials reported that Iranian and Omani negotiators were able to finalize the draft deal to reopen the Strait, and are now awaiting a final green light from Iran’s supreme leader.

The officials added that the potential deal would lay the groundwork for the Washington and tehran to resume negotiations to reach a final deal on Tehran’s nuclear program.

According to U.S. President Donald Trump, a to reopen the crucial oil shipping lane could come this week. Closure of the strait, through which around 20 percent of the world’s oil and natural gas passed before the conflict broke out, has driven up the price of fuel and basic goods far beyond the Middle East.

Trump is also under growing pressure to end an unpopular conflict ahead of midterm congressional elections in the U.S, due in November.