Washington/Islamabad: Washington and Iran have “largely negotiated” a memorandum of understanding on a potential peace deal that would reopen the Strait of Hormuz, U.S. President Donald Trump said, raising expectations of a possible turning point in the three-month-old war.
Trump said the emerging agreement would reopen the strategic shipping route, whose closure has triggered a global energy crisis since the United States and Israel began military operations against Iran in February. He did not provide further details on the contents of the deal.
“Final aspects and details of the Deal are currently being discussed, and will be announced shortly,” Trump wrote on Truth Social.
Media reports in both the United States and Iran said the memorandum outlines a phased framework aimed at ending months of fighting, reopening the waterway and lifting a U.S. blockade on Iran. Plans regarding Iran’s stockpile of enriched uranium, which Washington has insisted must be relinquished, would be negotiated within 30 to 60 days.
U.S. Secretary of State Marco Rubio, speaking during a visit to India, said further developments could emerge on Sunday and indicated that progress on reopening the strait could come within hours. A senior Iranian source said that if Iran’s Supreme National Security Council approves the memorandum, it would be forwarded to Supreme Leader Ayatollah Mojtaba Khamenei for final approval.
However, Iran’s Tasnim news agency reported that differences remain over one or two clauses, warning that a final agreement would not be reached if the United States continued to create obstacles.
A deal formalising a fragile ceasefire could ease pressure on global markets, though it is unlikely to immediately resolve the energy crisis. The disruption has already driven up the cost of fuel, fertiliser and food.
Axios reported that the proposed agreement could include provisions allowing ships to transit the strait without tolls, while permitting Iran to sell oil freely. In return, the United States would lift its blockade on Iranian ports and ease certain sanctions on Iranian oil.
The draft also reportedly includes commitments by Iran not to pursue nuclear weapons. Trump has repeatedly said the conflict was aimed at preventing Iran from acquiring such weapons, while Iran maintains that its nuclear programme is for civilian purposes.
According to Iran’s Fars news agency, the draft stipulates that the United States and its allies would refrain from attacking Iran or its allies, in exchange for Iran agreeing not to launch pre-emptive attacks.
Meanwhile, Israeli politician Benny Gantz warned that accepting a ceasefire in Lebanon as part of a broader agreement with Iran would be a strategic mistake, urging Israel to prioritise the security of border communities.
Sources said the proposed framework would unfold in three stages: formally ending the war, addressing the Strait of Hormuz crisis, and opening a 30-day window for broader negotiations, which could be extended.
One Pakistani source indicated that further talks could take place after the Eid Al Adha holidays if the United States accepts the memorandum.
Tasnim also reported that changes in navigation through the Strait of Hormuz would depend on the United States fulfilling other commitments, including the release of Iranian funds frozen under sanctions during the initial phase.
Iranian Foreign Ministry spokesperson Esmail Baghaei said progress had been made in reducing differences, but emphasised that key issues remained unresolved and required further mediation.