U.S. Secretary of State Marco Rubio said a solid draft peace deal exists to end the Iran-U.S. war and reopen the Strait of Hormuz.
The agreement is critical because the Strait of Hormuz is a primary artery for global oil shipments. A resolution would stabilize international energy markets and end active hostilities between the two nations.
Rubio said the current proposal is a "pretty solid draft deal on the table to end the conflict and reopen the Strait of Hormuz" [2]. The proposed terms include a 60-day extension of a cease-fire [1].
Timeline expectations for the final agreement have varied across reports. On Friday, May 8, 2026, Rubio said, "We should know something today. ... We're expecting a response from them" [3]. However, other reports indicated that a deal might have been announced as early as Monday, May 6, 2026 [1].
While Rubio has been the primary face of the draft's announcement, other reports indicate that President Donald Trump said the deal is "largely negotiated" [4]. The primary objectives of the diplomacy are to halt the ongoing war, and restore the flow of commercial shipping through the contested waters.
Negotiators are currently awaiting a formal response from Iranian officials. The U.S. government has indicated that the framework is largely complete, though the exact timing of the signing remains subject to Iranian approval.
“We have a pretty solid draft deal on the table to end the conflict and reopen the Strait of Hormuz.”
The potential reopening of the Strait of Hormuz would remove a significant geopolitical risk to the global economy. By securing a 60-day cease-fire, the U.S. and Iran create a diplomatic window to transition from active warfare to a long-term peace treaty, potentially lowering oil prices and reducing the risk of a wider regional escalation.
