US and Iran Near Deal to Reopen Strait of Hormuz, Signing Eyed Around G7

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A waterway choked by war, inching back open

The United States and Iran are close to signing an interim agreement that would reopen the Strait of Hormuz to normal oil traffic and lift a U.S. naval blockade, with a senior U.S. official saying a memorandum of understanding could be signed "in the coming days."reuters The pact would end — at least temporarily — a three-month war that began with U.S. and Israeli strikes on February 28 and saw Iran effectively close the strait through which roughly a fifth of the world's oil and liquefied natural gas normally transits.bbc President Donald Trump said Thursday the two sides had "just made a great settlement," and Bloomberg reported a signing could come as soon as Sunday in Switzerland — next door to the G7 leaders' summit opening June 15 in Évian-les-Bains.cnbc

What the memorandum would and wouldn't do

Under the draft, the strait would reopen immediately without tolls, with shipping returning to pre-war volumes within 30 days in exchange for the U.S. lifting its blockade.axios The deal would extend the ceasefire for 60 days, during which negotiators would tackle the harder questions around Iran's nuclear program, including a framework to address its stockpile of highly enriched uranium.axios U.S. officials stressed there would be no money handed over up front: sanctions relief and the unfreezing of assets would come incrementally, tied to verified Iranian compliance rather than promises.bbc "If we see them honoring their end of the bargain, it's going to be very good for Iran," one official said, adding that any nuclear dismantlement hinges on a second, more detailed accord.reuters

Competing accounts and unfinished business

The path to a signature remains fragile. Iranian state media published a 14-point draft Friday, prompting Trump to fire back on Truth Social that the leaked terms "bear no relation to the truth" and to brand Iranian negotiators "very dishonorable people."cnbc Foreign Minister Abbas Araghchi told state TV the agreement was not yet approved by Iran's Supreme National Security Council, which has "supporters and opponents," and said it would be signed remotely once finalized.bbc Mediated by Qatar and Pakistan, the accord — which one diplomat said would be called the Islamabad agreement — had reportedly not received final sign-off from Supreme Leader Mojtaba Khamenei.axios Markets are betting on a breakthrough regardless: global stocks surged and oil prices tumbled Friday, with the pan-European Stoxx 600 up 1.8% as crude futures slid on hopes the chokepoint will reopen.cnbc