India, May 28 -- Amid the negotiations and renewed strikes, the United States and Iran are reportedly close to signing a peace deal. As per a report by Axios, delegations from Washington and Tehran have closed down on all aspects of the deal, but a final approval from US President Donald Trump is awaited.

Citing US officials, the report stated that among the key points of the deal is the reopening of the Strait of Hormuz.

The Strait of Hormuz is a key passage for 20 per cent of the world's oil and gas supply. Shipping and vessel movement in the area have been restricted due to the ongoing conflict, which prompted Iran to close the strait.

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Furthermore, the US' naval blockade of Iranian ports has a...