Trump Says US and Iran Close to Peace Deal, Strait of Hormuz May Reopen

May 25 — The New York Times reports that U.S. President Donald Trump announced a "basic agreement" with Iran, which could cover ending hostilities, reopening the Strait of Hormuz, and rolling back some U.S. sanctions on Tehran. But major gaps remain between the two sides on the deal’s specific terms. Multiple Iranian officials say Tehran has agreed to a memorandum of understanding (MOU) that includes halting cross-border conflicts, restoring commercial shipping in the Strait of Hormuz free of tolls, the U.S. lifting its naval blockade on Iran, and unfreezing roughly $250 billion in Iranian assets held overseas. U.S. officials highlight a key pillar of the agreement: Iran has tentatively agreed to dispose of its stockpile of highly enriched uranium, though the exact process will be worked out in future nuclear negotiations. The Iranian side added that the nuclear issue will be discussed over the next 30 to 60 days. The report notes that since the U.S. launched strikes against Iran in February, the Strait of Hormuz has been largely blocked, straining global energy markets. Roughly 1,500 ships are stranded near the Persian Gulf; even if a formal deal is finalized, it could take weeks or even months for shipping to return to normal. Separately, Israeli Prime Minister Benjamin Netanyahu has held multiple phone calls with Trump. Mediation efforts involve the U.S., Saudi Arabia, Qatar, the UAE, Pakistan, and other nations. Some hawkish U.S. Republican lawmakers have raised concerns about the agreement, warning that allowing Iran to retain nuclear capabilities would be a "disastrous mistake."