The Strait of Hormuz, a critical shipping chokepoint, has been at the center of tensions between the US and Iran. The prospect of a deal between the two nations appeared to be gaining traction on Tuesday, after Qatar said a proposal had been drafted.
American officials have expressed cautious optimism about the prospects for a deal, with Treasury Secretary Scott Bessent sounding hopeful about an agreement to reopen the Strait of Hormuz. A resolution to the crisis could have significant implications for global shipping markets, which have been impacted by the tensions.