Trump Says U.S. and Iran "Basically Agreed" on Deal; Hormuz Shipping Could Resume

May 25 — The New York Times reported that U.S. President Donald Trump said the United States and Iran have "basically agreed" on a deal that could include ending the conflict, reopening the Strait of Hormuz and easing some sanctions on Iran. Key gaps remain between the two sides on the terms. Multiple Iranian officials said Iran has accepted a memorandum of understanding that would halt fighting across several fronts, including in Lebanon, restore commercial transit through the Strait of Hormuz without tolls, prompt the U.S. to lift its maritime blockade on Iran, and unlock about $25 billion of Iranian assets frozen overseas. U.S. officials said a central element is Iran's acceptance in principle of giving up its stockpile of highly enriched uranium, with details to be worked out in later nuclear talks. Iran said nuclear issues would continue to be negotiated over the next 30 to 60 days. Since U.S. and Israeli strikes on Iran in February, disruptions in the Strait of Hormuz have tightened pressure on global energy markets, the report said. About 1,500 vessels are currently stuck near the Persian Gulf, and even if an agreement is formally implemented, normal shipping flows could take weeks or months to recover. Israeli Prime Minister Benjamin Netanyahu has held multiple calls with Trump. Mediation efforts have involved several countries, including the United States, Saudi Arabia, Qatar, the United Arab Emirates and Pakistan. Some hawkish Republicans have criticized the proposed deal, calling it a "catastrophic mistake" that would leave Iran with nuclear capability.