Washington, United States. U.S. President Donald Trump said Washington and Iran have “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, as expectations grew that a turning point in the three-month war could be near.
Proposed framework
Trump said on Truth Social on Saturday that the emerging agreement would reopen the strait, a vital shipping passage whose closure has contributed to a global energy crisis since the United States and Israel launched the war on Iran in February. He did not say what else would be included in the agreement.
“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote.
Media outlets in the United States and Iran reported that the memorandum could provide a phased framework for ending months of fighting, reopening the waterway soon and lifting a U.S. blockade on Iran. The reports said plans for Iran’s stockpile of enriched uranium, which Washington has insisted it give up, would be negotiated within 30 to 60 days.
Statements from officials
U.S. Secretary of State Marco Rubio, speaking during a visit to India, said more news could come on Sunday and that there was a possibility of good news on the strait within hours.
A senior Iranian source told Reuters that if Iran’s Supreme National Security Council approved the memorandum, it would be sent to Supreme Leader Ayatollah Mojtaba Khamenei for final approval.
Iran’s Tasnim news agency said differences remained over one or two clauses. Tasnim cited a source as saying there would be no final understanding if the United States continued to create obstacles.
Market impact and remaining issues
A deal cementing a fragile ceasefire would bring relief to markets, but it would not immediately end a global energy crisis that has driven up the cost of fuel, fertilizer and food.
Even if the war ends now, full oil flows through the strait will not return before the first or second quarter of 2027, the head of the United Arab Emirates’ state oil firm ADNOC said last week.
Axios reported late on Saturday that the United States and Iran were close to a deal that would include no tolls on ships transiting the strait, while Iran would be able to freely sell oil. In exchange, the United States would lift its blockade on Iranian ports and waive some sanctions on Iranian oil, the outlet said, citing a U.S. official.
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