POLITICS

US and Iran Near Deal, Hormuz Reopening Soon

PUBLISHED May 23, 2026, 11:07 PM ET

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Washington — US President Donald Trump said on Saturday, May 24, that an agreement with Iran has been 'largely negotiated' following a multilateral call with Gulf and regional leaders, including Saudi Crown Prince Mohammed bin Salman, UAE President Mohammed bin Zayed, Qatar's Emir Tamim bin Hamad Al Thani, and Pakistan's Field Marshal Asim Munir. Trump added the Strait of Hormuz would reopen under the understanding. This week reporting by the New York Times, cited by several outlets, indicated Iran agreed in principle to relinquish a stockpile of highly enriched uranium as part of a US-led framework, though mechanisms remain unfinalized. Iranian foreign ministry officials cautioned that converging positions do not guarantee final agreements, and participants said final details would be discussed and announced shortly.

By Emily Rhodes | JQJO News

Timeline of Events

Prior to May 24: Pakistan and Qatar intensify mediation efforts between involved parties.
Early May 24: New York Times reports, citing US officials, that Iran agreed in principle to give up enriched uranium.
May 24: President Trump holds a multilateral call with regional leaders to discuss a memorandum of understanding.
May 24: Trump posts on Truth Social saying an agreement has been 'largely negotiated' and Hormuz will reopen.
May 24: Iranian foreign ministry spokesman warns convergence does not equal finalized agreements; formal details remain pending.

News Intelligence

A reopened Strait of Hormuz could stabilize oil prices, affecting your gas and energy costs. It also eases tension in a region that impacts global security. Keep an eye on the news for the final agreement details.

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Who Benefited

Regional governments, maritime trade operators and global energy markets could benefit from de-escalation if the agreement is finalized, as reopening the Strait of Hormuz would ease oil transit bottlenecks and reduce price pressures that had earlier driven global fuel costs higher.

Who Impacted

Hardline political factions within Iran and actors profiting from continued volatility may lose leverage, while parties that demand detailed safeguards could see reputational or strategic setbacks until formal terms and verification mechanisms are published.

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