A U.S.-Iran deal could be sealed within days, according to President Donald Trump and Iranian officials, with a memorandum of understanding expected to reopen the Strait of Hormuz.Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.A memorandum of understanding “could happen within the next 1 or 2 days, or within the next few days,” Iranian Foreign Minister Abbas Araghchi said Friday in an interview with Iranian state media that he posted on X.“I am hopeful.”Trump reposted Araghchi’s post on Truth Social.
He also told Axios that he believed a deal with Iran could be signed over the weekend or Monday, while condemning what he said was fake information put out by Tehran on its contents.Key mediator Pakistan also said Friday that a “final, agreed upon text” of a U.S.-Iran deal had been reached.“Peace has never been this close as it is now,” Pakistani Prime Minister Shehbaz Sharif wrote on X.
The U.S.and Iran have for weeks appeared to be nearing a deal that would bring an end to the war that began at the end of February, when the U.S.
and Israel launched strikes on Iran.Iran has since imposed strict controls over the Strait of Hormuz, a vital waterway through which 20% of the world’s oil passed before the war, causing chaos in the global markets.
A ceasefire was agreed in mid-April, but the two sides have since exchanged intermittent fire, with strikes escalating this week even as diplomacy inched forward.Oil prices fell below $90 a barrel Friday morning after Trump said a peace deal was within reach.U.S.
crude oil futures for July delivery were at $84 per barrel early Saturday, while August futures for international benchmark Brent sank to around $87 per barrel.The memorandum of understanding would reopen the Strait of Hormuz immediately without tolls and restore prewar shipping within approximately 30 days, as well as lifting the U.S.blockade of Iran’s ports, according to a regional source...