US, Iran near peace deal to end war and reopen Strait of Hormuz
The proposed agreement would establish a 60-day truce, restore access to the waterway handling roughly a fifth of global oil and gas shipments, and end the US naval blockade on Iranian ports.
May 24th 2026 · United States
The United States and Iran appear close to announcing a peace deal to end their conflict, with President Donald Trump confirming on Truth Social that negotiations are "largely negotiated" and Secretary of State Marco Rubio indicating "good news" is expected soon. According to the proposed agreement reported by Axios and Iranian state media, the deal would establish a 60-day truce, reopen the strategically vital Strait of Hormuz which handles approximately 20 percent of the world's oil and gas shipping, and end the US naval blockade on Iranian ports. The Strait has remained disrupted since the US and Israel launched their war against Iran on February 28, with a ceasefire taking effect on April 8 but blockade operations continuing. The agreement reportedly includes Washington's partial release of Iran's frozen funds and temporary sanctions relief on oil, gas and petrochemical exports. Regarding Iran's nuclear programme, Tehran has committed not to pursue nuclear weapons but has rejected demands to surrender its enriched uranium stockpile, with Iranian President Masoud Pezeshkian stating the nuclear issue will be addressed in subsequent negotiations for a final accord. Iran has made clear that a full regional ceasefire, including Israel's bombardment of Lebanon, is a prerequisite for any deal, though Israel struck southern Lebanon on Saturday despite a ceasefire extension, with the Lebanese health ministry reporting over 3,000 deaths and 9,500 wounded since March 2. Meanwhile, domestic political shifts in the US see Trump having successfully ousted Republican critics ahead of November's midterm elections, with Representative Thomas Massie among those unseated. Massie had been vocal in pushing for the release of Epstein files. A Democratic Party performance report acknowledged a "persistent inability or unwillingness to listen to all voters," highlighting internal challenges facing the party as it prepares for upcoming elections.