- Iranian Foreign Minister Abbas Araghchi said the deal could be signed remotely "in the coming days," though Trump disputed Iranian descriptions of the terms.
- The UAE has reportedly agreed to release between $10 billion and $20 billion in frozen Iranian funds in exchange for an end to attacks on Emirati territory.
- US forces shot down Iranian drones near Hormuz even as talks advanced, and Gulf oil flows remain well below pre-war levels of 15 million barrels per day.
Read full article
After nearly four months of war, the United States and Iran are on the verge of an agreement to halt hostilities, reopen the Strait of Hormuz, and begin negotiations to dismantle Iran's enriched uranium stockpile. Iranian Foreign Minister Abbas Araghchi told state television Friday that the memorandum of understanding, brokered with Pakistani mediation in Islamabad, will be signed remotely once finalized — possibly within days. US officials confirmed the framework: Iran reopens the strait and the US lifts its shipping blockade immediately, followed by a 60-day window to negotiate the destruction and removal of Iran's enriched uranium.
The diplomacy is unfolding against continued violence. US forces shot down Iranian drones near Hormuz on Friday, and the two sides traded strikes earlier in the week despite an April ceasefire. President Trump has oscillated between threatening to seize Iran's Kharg Island oil terminal and announcing he had cancelled planned strikes because a deal was imminent — a pattern of whiplash that has accompanied the entire negotiation.
In a striking parallel move, the United Arab Emirates has agreed to release somewhere between $10 billion and $20 billion in frozen Iranian funds, according to Reuters sources, in exchange for Iran ending attacks on Emirati territory. More than $3 billion has reportedly already been transferred. US officials insist no money will flow up-front from Washington until Iran meets nuclear obligations.
The stakes are enormous. The Strait of Hormuz carries roughly a fifth of global oil and LNG supplies, and its effective closure since February has driven global inflation. Oil is now trickling back out under US Navy escort — Trump claims a "secret mission" moved over 100 million barrels — but volumes remain far below the pre-war 15 million barrels per day. Iran, meanwhile, is buckling under a US blockade of its own oil exports; President Masoud Pezeshkian acknowledged this week that the country faces "a difficult test." The lopsided pressure is what has finally pushed Tehran toward terms it spent months rejecting.
Sources (5)
- BBC: Deal to end fighting would lead to Hormuz reopening, Iran says
- Associated Press: US and Iran are close to a deal to end their war, officials say
- Reuters: Exclusive: UAE to unlock billions of dollars for Iran, sources say
- Bloomberg: US Strikes Iranian Drones While Talks Continue for Interim Deal
- NPR: Trump says he has canceled planned strikes on Iran and peace deal is near — again