Trump says Iran deal reopening Strait of Hormuz ‘largely negotiated’

President Donald Trump said on Saturday that a peace deal with Iran that would reopen the Strait of Hormuz is “largely negotiated” and will be announced shortly, a development that could end a conflict that has choked global energy markets and pushed U.S. inflation to its highest level in years.
Trump said in a social media post that he held calls from the Oval Office with the leaders of Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain, as well as Israeli Prime Minister Benjamin Netanyahu, all focused on finalizing terms with the Islamic Republic of Iran.
“An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries,” Trump said in the post.
Details of the agreement are being discussed “and will be announced shortly,” he said, including reopening the vital Strait of Hormuz, a key chokepoint for global energy trade.
The agreement includes a memorandum of understanding as a first phase, Iran’s foreign ministry said Saturday, before broader talks within 30 to 60 days.
Earlier, a report in US media said that a potential deal would establish a framework for nuclear talks, ease sanctions on Iran and unfreeze Tehran’s overseas assets.
There has been a fragile ceasefire in place since April 8, punctuated by skirmishes as the U.S. and Iran jockey over the Strait of Hormuz. The conflict has set off what Gulf states called the worst global energy crisis in decades, with higher energy prices in the U.S. feeding rising inflation and expectations that the Federal Reserve may need to increase interest rates.
Pakistani and Qatari negotiators held talks with Iranian counterparts on Thursday and Friday, while staying in regular contact with U.S. envoy Steve Witkoff, the report said.