Pakistan, Aug. 6 -- The United States (US) and Iran have indicated that an agreement to reopen the Strait of Hormuz could be close, raising hopes of easing tensions in the Gulf, restoring maritime traffic and stabilising global energy markets.

Read More: Interim Hormuz agreement expected as US, Iran near breakthrough

Iran said it is in the "final stage" of drafting an agreement with Oman, while US President Donald Trump said a deal could be announced "tomorrow or the next day" following what he described as significant progress in negotiations.

Despite the optimism, major differences remain. Iran insists on retaining some level of control over the strategic waterway and has argued it will not return to the pre-war arrangement of unrest...