US President Donald Trump announced on Saturday (May 23, 2026) that a deal with Iran has been "largely negotiated" and will include the reopening of the Strait of Hormuz — a maritime corridor through which one-fifth of the world's oil passes. The announcement came after phone calls with leaders from Saudi Arabia, UAE, Qatar, Pakistan, Turkey, Egypt, Jordan, Bahrain, and Israel regarding a "Memorandum of Understanding pertaining to PEACE". ✓
Press quotes (1)
"President Donald Trump said Saturday that a deal with Iran on the war, including opening the Strait of Hormuz, has been "largely negotiated" after calls with Israel and other allies in the region."
According to Trump, "final aspects and details of the Deal are currently being discussed, and will be announced shortly," but the text remains "subject to finalization" between the United States, Iran, and other participating countries. A draft proposal reported by US media includes a 60-day extension of the ceasefire that began in April, reopening of the Strait of Hormuz with no tolls, lifting of the US blockade on Iranian ports, removal of some sanctions to allow Iran to sell oil freely, and Iranian commitments to never obtain nuclear weapons. ✓
Press quotes (1)
"A draft proposal, which is being termed a Memorandum of Understanding (MoU) and which is close to being agreed upon by Iran and the US, includes a 60-day extension of the ceasefire that was first reached in April, according to US media outlet Axios. During the extended truce, the Strait of Hormuz would be reopened with no tolls in place. The US would lift its blockade of Iranian ports. The US would remove some sanctions on Iran to allow it to freely sell oil. The deal includes commitments from Iran that it will never try to obtain nuclear weapons."
Iran's Foreign Ministry spokesman Esmaeil Baqaei confirmed to state television that US and Iranian positions "had been converging" in the last week, but warned this "did not mean agreements would be reached on key issues" and accused the Americans of "contradictory statements." Baqaei described Iran's goal as an agreement "in the form of a framework, consisting in 14 points," with new negotiations planned for 30 to 60 days. ✓
Press quotes (1)
"Iranian foreign ministry spokesman Esmaeil Baqaei earlier told state television that US and Iranian positions had been converging in the last week, but warned that did not mean agreements would be reached on key issues and accused the Americans of "contradictory statements"."
The announcement immediately impacted oil markets: Brent crude had plummeted 11% to $97 per barrel on May 6, when Trump signaled progress in negotiations, after hitting $126 per barrel the previous week when the blockade seemed permanent. The optimism emerges after weeks of tension, with Trump having rejected Iranian demands as "totally unacceptable" last week and anonymous US officials informing the press on Friday about preparations for a new round of military attacks. ✓
Press quotes (1)
"Initially, the news sent Brent crude oil – which had risen as much as 6% earlier this week after the latest attacks in the Middle East – tumbling 11% to as low as $97 (£71) a barrel. It was the first time it has fallen below $100 since 22 April. ... The oil price had hit $126 a barrel last week, its highest level since 2022, after Trump said the US blockade of Iranian ports could last for months and peace talks remained stalled."
Covered by only some sources, or where the accounts diverge.
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Conflicting versions (1)
Iranian control over Strait of Hormuz after possible agreement
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What are the 14 specific points of the framework that Iran proposes for the agreement?
Why it's still unknown: Iranian spokesman Baqaei mentioned an agreement 'consisting in 14 points' but did not detail what those specific points would be
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What is the specific timeline for announcing the final details of the agreement?
Why it's still unknown: Trump said details will be announced 'shortly' but did not specify exact dates, while Iran speaks of negotiations lasting 30 to 60 days
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How did US regional allies (especially Israel) specifically react to the proposed terms?
Why it's still unknown: While Trump mentioned a 'very productive' conversation with Netanyahu, specific positions of Israel or other allies on the terms were not revealed