President Donald Trump said Saturday that a memorandum of understanding with Iran has been "largely negotiated" to end hostilities between the two nations [1].
The agreement is critical because it aims to reopen the Strait of Hormuz, a vital maritime chokepoint for global energy supplies, and curb Iran's nuclear weapons program.
Trump said that the deal would end the war and ensure the Strait of Hormuz is reopened once the memorandum receives approval [2]. The president's comments followed a call with Middle East allies to coordinate the transition toward peace [3].
While the president expressed confidence in the progress, reports on the finality of the deal vary. Some sources indicate the agreement is close to finalization with details to be unveiled soon [2]. Other reports suggest that uncertainty remains regarding the agreement despite the negotiation progress [3].
Senator Marco Rubio (R-FL) provided a slightly more tempered assessment of the situation. Rubio said that significant progress has been made, although not final progress [4].
The proposed deal seeks to resolve long-standing tensions by establishing a framework for peace and security in the region. By addressing the nuclear issue and the freedom of navigation in the Persian Gulf, the U.S. administration intends to stabilize international trade routes [2].
Trump's statement was reported by ABC News chief Washington correspondent Jonathan Karl on May 23, 2026 [1].
“"The agreement with Iran has been largely negotiated."”
The potential reopening of the Strait of Hormuz would remove a primary volatility trigger for global oil prices. However, the discrepancy between the president's 'largely negotiated' status and Senator Rubio's 'not final' assessment suggests that critical details regarding nuclear inspections or sanctions relief may still be under contention.
