“Our expectation is that the strait is going to be opened in a toll-free way for the long term, and that’s the sort of thing that we’re going to figure out in these technical negotiations,” Vance told CNBC in an interview.
Iranian state media has said Hormuz will open to toll free transits for a 60-day period. The strait will be managed by Iran and Oman after that period, according to Iran’s Tasnim news agency.
The U.S. and Iran are expected to sign an agreement to end the conflict on Friday in Switzerland. President Donald Trump said the deal opens Hormuz without tolls in exchange for the U.S. ending its naval blockade against Iran.
Vance said ship traffic through Hormuz has already increased over the past 24 hours. CNBC could not immediately verify those claims.
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