President Donald Trump announced Saturday that a peace deal with Iran has been largely negotiated to end the current war [1, 2, 3].
The agreement is critical because it seeks to resolve a conflict that began in February 2026 [1] and reopen the Strait of Hormuz, one of the world's most vital oil transit points.
Trump shared the news via a Truth Social post from the Oval Office in Washington, D.C. [1, 3]. He said that the most recent agreement to end the war in Iran would open the Strait of Hormuz and that the "final aspects and details of the Deal are currently being discussed" [2].
The president said that the "final aspects and details" of a "Memorandum of Understanding" are still being discussed and "will be announced shortly" [1].
Despite the U.S. administration's position that the waterway will open once the deal is finalized, an Iranian official said Sunday, May 24, 2026, that the Strait of Hormuz is now "completely open" [3, 5]. However, reports indicate that the U.S. naval blockade remains in place despite the Iranian claim [5].
Control of the waterway remains a point of contention. Iran's Fars news agency said the Strait will remain under Iranian control [1]. This contradicts the objective stated by Trump that the deal will open the Strait for international shipping [2].
The conflict, which involves the U.S., Israel, and Iran, has disrupted global energy markets since its onset in February 2026 [1, 3]. The proposed Memorandum of Understanding represents the first formal step toward a ceasefire, and the restoration of commercial maritime traffic in the region.
“"final aspects and details of the Deal are currently being discussed"”
The discrepancy between the U.S. and Iranian claims regarding the status of the Strait of Hormuz suggests a fragile diplomatic transition. While the U.S. maintains a blockade as leverage to finalize the Memorandum of Understanding, Iran's public declaration of openness may be an attempt to signal victory or pressure the U.S. into a quicker conclusion. The final terms regarding who controls the waterway will likely determine the long-term stability of global oil prices.
