The United States and Iran are moving toward signing an interim agreement to reopen the Strait of Hormuz, possibly during next week's Group of Seven summit, according to senior officials briefed on negotiations.

The deal would address one of the most critical chokepoints in global commerce. The Strait of Hormuz, which lies between Iran and Oman, handles roughly one-third of all seaborne traded oil. Tensions over the waterway have escalated repeatedly over the past decade, with Iran periodically threatening to close it during disputes with Western powers.

An interim accord would represent a diplomatic breakthrough after years of deteriorating U.S.-Iran relations. The Trump administration withdrew from the nuclear deal in 2018, triggering severe sanctions that crippled Iran's economy. The Biden administration took office promising to rejoin negotiations, but talks stalled repeatedly over uranium enrichment levels and sanctions relief.

Reopening the Strait of Hormuz signals both sides recognize mutual interests in economic stability. A closure would spike global oil prices and destabilize energy markets worldwide. The agreement appears to sidestep the broader nuclear question for now, focusing instead on maritime access and commerce.

The timing at the Group of Seven summit carries diplomatic weight. G7 nations include the United States, Japan, Germany, France, Italy, Canada, and Britain. Announcing the deal in this forum would signal international consensus on de-escalation with Iran.

Senior officials have not disclosed specific terms, but interim agreements typically establish lower thresholds than comprehensive deals. They often serve as confidence-building measures before pursuing larger settlements.

Success remains uncertain. Previous attempts at U.S.-Iran negotiations have collapsed over verification mechanisms and sanctions architecture. Hardliners in both capitals oppose concessions, and domestic politics in an election year complicates Biden administration moves toward Tehran.

If signed, the interim deal would be the first substantive U