India, May 29 -- In a move that could finally de-escalate months of heightened maritime tension and calm the energy markets, US President Donald Trump signalled on Friday that the United States is preparing to lift its naval blockade of the Strait of Hormuz.

The announcement comes as the Trump administration weighs a tentative ceasefire agreement with Iran that would extend the current agreement for another 60 days.

US President announced that an agreement is now within an arm's length that would include the withdrawal of the US military forces from the Iranian ports and the Strait of Hormuz, marking an end to the naval blockade and leaving control of the Strait of Hormuz to a joint Omanian-Iranian effort.

US blockade on the Strait of ...