The United States and Iran have largely negotiated a peace deal framework to end hostilities and reopen the Strait of Hormuz [2].

This agreement is critical because the naval blockade of the Strait of Hormuz has created severe economic pressure and heightened the risk of a wider regional war. A resolution would stabilize global energy corridors and release frozen Iranian assets.

Ismail Baqaei said Iran is in the "final stages" of preparing a memorandum of understanding aimed at advancing a peace process with the U.S. [1]. The proposed framework consists of 14 points [1]. The deal focuses on ending the current conflict, lifting the U.S. naval blockade, and restoring maritime traffic in the strategic waterway [2, 3].

President Donald Trump (R-FL) signaled the imminence of the agreement via Truth Social on May 23, saying that a deal to end the war with Iran is coming very soon [4]. A U.S. State Department spokesperson said the memorandum of understanding has been largely negotiated by Washington and Tehran [2].

Pakistan acted as the primary mediator for the talks, with additional regional support provided by Qatar, and Oman [1, 5]. While the agreement addresses immediate security and economic crises, officials have temporarily set aside the nuclear issue to prioritize the ceasefire [3].

Reports on the progress of the deal have varied. While Iranian officials indicated they were finalizing the document [1], The New York Times reported that Iran had not formally responded to the announcement from President Trump [3]. Some reports suggested a joint announcement could occur within 24 hours [6].

Negotiations have remained fragile despite the progress. The current focus remains on the lifting of the blockade and the release of frozen assets to ensure a sustainable cessation of hostilities [3].

“A deal to end the war with Iran is coming very soon.”

The shift toward a 14-point memorandum suggests a pragmatic 'security-first' approach, decoupling the immediate maritime crisis from the more complex and long-term nuclear disputes. By utilizing Pakistan, Qatar, and Oman as intermediaries, the U.S. is leveraging regional partners to ensure the deal's stability. If implemented, the reopening of the Strait of Hormuz would remove a primary trigger for global oil price volatility and signal a temporary de-escalation in U.S.-Iran relations.