US, Iran Near Deal to End War and Reopen Strait of Hormuz

The United States and Iran are in advanced negotiations to end their 12-week war and reopen the Strait of Hormuz, a critical shipping corridor carrying roughly 20 percent of the world's oil, though officials from both sides cautioned Monday that a final agreement remains uncertain. President Donald Trump described the talks as "proceeding nicely" while issuing an ultimatum that the deal would be "great" or there would be "no deal at all," while Secretary of State Marco Rubio said an announcement could come as early as Monday but warned Washington would not wait indefinitely for diplomacy to succeed. Iranian officials, including Foreign Ministry spokesman Esmaeil Baghaei, echoed the caution, saying discussions had reached conclusions on many topics but that a deal was "not imminent." Under the emerging framework, Iran would end its control over the Strait of Hormuz, which it blockaded in retaliation for U.S. and Israeli attacks that killed Supreme Leader Ayatollah Ali Khamenei and other senior officials in February. The agreement would gradually reopen the waterway as the United States lifts its naval blockade of Iranian ports imposed April 17, which has restricted Tehran's oil exports and crippled its economy. Iran would be permitted to sell petroleum through sanctions waivers, and frozen Iranian funds would be released during a 60-day negotiation period. The deal would also end fighting between Israel and Hezbollah in Lebanon, with both sides committing not to interfere in regional countries' domestic affairs, though Israel has been largely excluded from the U.S.-led negotiations and Prime Minister Benjamin Netanyahu reportedly told Trump he would "do what I want" regarding Lebanon. In a significant concession, Iran has agreed to surrender its stockpile of 440.9 kilograms of uranium enriched to 60 percent purity, which the International Atomic Energy Agency says is a short technical step from weapons-grade levels of 90 percent. Under the deal, the highly enriched material would either be diluted or transferred to a third country, with Russia offering to take custody. President Masoud Pezeshkian told state media Sunday that Iran was prepared to "assure the world that we are not after a nuclear weapon." However, key issues remain unresolved, including whether Iran can continue enriching uranium domestically, the fate of its missile program, and whether Israeli military operations in southern Lebanon will continue. The war has devastated global energy markets, with crude prices spiking above $100 per barrel before declining Monday, and has strained Trump's approval ratings to 34 percent, increasing pressure on all sides to reach an acceptable agreement.