Trump says Iran deal ‘largely negotiated’, would reopen Strait of Hormuz

WASHINGTON – Washington and Iran have “largely negotiated” a memorandum of understanding on a peace deal that would reopen the Strait of Hormuz, US President Donald Trump has said, as expectations rose that a turning point might be imminent in the three-month-old war.

Mr Trump posted on social media that the emerging agreement would reopen the strait, a vital shipping passage whose closure upended global energy markets after the conflict started in February when the US and Israel launched strikes on Iran. He did not say what else would be included in an agreement.

“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” he wrote on Truth Social.

Various media in the US and Iran said the memorandum that could yield an agreement lays out a phased framework for ending months of fighting, reopening the Strait of Hormuz soon and lifting a US blockade on Iran.

Plans for Iran’s stockpile of enriched uranium, which Washington has insisted it give up, would be negotiated within 30 to 60 days, the reports said.

US Secretary of State Marco Rubio, on a visit to India, said more news could come on May 24, and 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 approves the memorandum, it would be sent to Supreme Leader Ayatollah Mojtaba Khamenei for final approval.

But Iran’s Tasnim news agency said differences remained over one or two clauses. It cited a source as saying there would be no final understanding if the US continues to create obstacles.

A deal cementing a fragile ceasefire in the war that the US and Israel launched on Feb 28 would bring relief to markets but would not immediately quell a global energy crisis, which has driven up costs of fuel, fertiliser and plastics.

Even if the war ended now, full oil ​flows through the strait would not return before the first or second quarter of ‌2027, the head of the United Arab Emirates’ state oil firm ADNOC said last week.

Deal’s terms

US news website Axios reported late on May 23 that the US and Iran were close to a deal that would include no tolls on ships transiting the Strait of Hormuz, while Iran would be able to freely sell oil and negotiations would be held on curbing Iran’s nuclear programme.

In exchange, the US would lift its blockade on Iranian ports and issue some sanctions’ waivers on Iranian oil, Axios said, citing a US official.

The draft agreement also includes commitments from Iran never to pursue nuclear weapons.

The New York Times reported that the proposed deal includes an “apparent commitment” by Iran to give up its highly enriched uranium. Details of how Iran would cede that stockpile would be left for a subsequent round of talks, the newspaper said, citing two unidentified US officials.

Mr Trump, while offering various war aims during the three-month-old conflict, has repeatedly said the US struck Iran to prevent it from obtaining nuclear weapons.

Tehran has denied it is pursuing nuclear weapons and says it has a right to enrich uranium for civilian purposes, although the purity it has achieved far exceeds that needed for power generation.

Iran’s Fars news agency said the draft also stipulates that the US and its allies will not attack Iran or its allies, and in return Iran pledges not to launch pre-emptive attacks on them.

Prominent Israeli politician Benny Gantz said it would be a strategic mistake for Israel to accept a ceasefire in Lebanon, where it is fighting the Iranian-backed Hezbollah militia, as part of a deal with Iran.

He posted on X that Israel had an obligation to protect residents near the border and should reject any such proposal by the US.

Sources have told Reuters the proposed ‌framework would unfold in three stages: formally ending the war, resolving the crisis in the Strait of Hormuz and launching a 30-day window for negotiations on a broader agreement, which can be extended.

One of the Pakistani sources said if the US accepts the memorandum, further talks could take place after the Eid holiday ends on May 29.

Mr Trump, whose approval ratings have been hit by the war’s impact on US energy prices, said on May 22 he would not attend his son’s wedding this weekend, citing Iran among the reasons he planned to stay in Washington.

Tasnim said any changes in navigation through the Strait of Hormuz were conditional on implementation of other commitments by the US. It also said some Iranian funds that have been frozen globally as part of sanctions must be released in the first phase of the deal.

Unresolved issues

Mr Trump spoke on May 23 with leaders from Saudi Arabia, Qatar, the United Arab Emirates, Jordan, Egypt, Turkey and Pakistan.

The leaders encouraged Mr Trump to agree to the emerging framework, Axios reported.

A call with Israeli Prime Minister Benjamin Netanyahu went “very well”, Mr Trump wrote.

Iranian Foreign Ministry spokesman Esmail Baghaei said on May 23 that “the trend this week has been towards a reduction in disputes, but there are still issues that need to be discussed through mediators”.

Mr Baghaei said the issue of the US blockade on Iran’s shipping was important, but that its priority was ending the threat of new US attacks and the conflict in Lebanon.

Pakistan’s army chief Munir left Tehran on May 23 after talks with Iran’s top negotiator Mohammad Baqer Qalibaf and Foreign Minister Abbas Araghchi.

Mr Qalibaf said Iran’s armed forces had rebuilt their capabilities during the ceasefire and that, if the US “foolishly restarts the war”, the consequences would be “more forceful and bitter” than at the start of the conflict.

Despite weeks of conflict, Iran has preserved its stockpile of near-weapons-grade enriched uranium as well as missile, drone and proxy capabilities. REUTERS