President Donald Trump announced on Saturday that a framework agreement with Iran has been largely negotiated, setting the stage for formal peace talks and the reopening of the Strait of Hormuz. The Strait, through which about one-fifth of the world’s oil supply passes, has been closed since late February following US and Israeli airstrikes that killed Iranian leader Ali Khamenei, triggering a broader Middle East conflict.
Trump made the announcement on Truth Social, stating the deal involves the United States, Iran, and several regional governments, and that final details are being discussed. He said he had spoken with leaders of Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan, and Bahrain, as well as Israeli Prime Minister Benjamin Netanyahu. "An Agreement has been largely negotiated… Final aspects and details are currently being discussed, and will be announced shortly," Trump said, adding that opening the Strait of Hormuz is a key element.
Iran’s foreign ministry spokesman Esmaeil Baqaei confirmed both sides are in the “final stage” of drafting a memorandum of understanding, with a 30-to-60-day timeline considered reasonable. Under the proposed framework, Iran would temporarily reopen the Strait and waive transit fees while negotiations proceed, and the US would lift its naval blockade. Iran is also seeking the unfreezing of approximately $100 billion in assets held abroad under US sanctions.
Oil prices have already declined on anticipation of eased supply disruptions—Brent crude closed just above $100 per barrel, while WTI ended above $96. However, the framework does not resolve the core dispute over Iran’s nuclear program. Washington wants a 20-year suspension of enrichment and transfer of near weapons-grade uranium, conditions Iran has rejected. Supreme Leader Mojtaba Khamenei insisted no enriched uranium will leave the country. Additional sticking points include Iran’s ballistic missile program and support for regional militant groups.
Iranian deputy foreign minister Kazem Gharibabadi criticized Western nations at the UN Non-Proliferation Treaty conference for politicizing the process and ignoring attacks on Iran’s nuclear sites. He demanded equal security and accountability. Meanwhile, some US Republican senators have urged Trump to abandon diplomacy and resume military strikes. The war, which began on February 28 with unprovoked US-Israeli strikes, has roiled global markets and spiked gas prices, damaging Trump’s approval ratings. The ceasefire from early April remains fragile, and the conflict could reignite if negotiations collapse.
