US-Iran peace deal announced, Hormuz reopening key

President Donald Trump announced Saturday that a peace agreement with Iran has been "largely negotiated" and awaits finalization, following high-level conference calls from the Oval Office with key regional leaders including Saudi Arabia, the United Arab Emirates, Qatar, Egypt, Jordan, Bahrain, Turkey and Pakistan's military chief. Writing on his Truth Social platform, Trump stated that a Memorandum of Understanding between the United States, Iran and multiple Middle Eastern nations has been substantially agreed upon, with final details to be announced soon. The announcement came after days of intense diplomatic activity mediated by Gulf countries, with U.S. Secretary of State Marco Rubio hinting earlier that "news" was imminent as negotiations progressed. A central element of the proposed deal is the reopening of the Strait of Hormuz, the strategic waterway between the Persian Gulf and the Gulf of Oman through which approximately one-fifth of the world's oil shipments pass. Trump separately spoke with Israeli Prime Minister Benjamin Netanyahu, describing the call as "very productive," amid ongoing concerns about the regional impact of the conflict launched by the United States and Israel in February. According to reports, Iran's proposal included the provisional reopening of the strait, an end to the U.S. naval blockade of Iranian ports, the release of billions in frozen Iranian assets, and compensation for war damages before any negotiations on Tehran's nuclear program. Trump had previously warned that if a deal was not reached, the United States would resume striking Iran, stating he would only sign an agreement "where we get everything we want." The negotiations involved American special envoy Steve Witkoff, senior adviser Jared Kushner and Vice President JD Vance, who met to discuss the latest proposals submitted through mediators. Iran's top negotiator stated in Tehran that there would be no compromise over national rights, describing a framework agreement composed of 14 clauses. Pakistan played a significant mediating role, with a Pakistani source confirming that Iran and Pakistan jointly submitted a revised proposal to the United States aimed at ending hostilities and reopening the critical shipping lane. The Strait of Hormuz has been a focal point of geopolitical tensions involving Iran, the United States and Western allies, with recent concerns about potential disruptions elevating anxiety in global oil markets and maritime shipping.