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Trump says the US and Iran are close to reaching a peace agreement, and the Strait of Hormuz may reopen.
BlockBeats message: On May 25, The New York Times reported that U.S. President Trump said that the U.S. and Iran have “basically reached” an agreement. The contents may include ending the conflict, reopening the Strait of Hormuz, and lifting some measures that have been imposed against Iran. However, there are still clear disagreements between the two sides regarding the details of the agreement.
According to multiple Iranian officials, Iran has agreed to a memorandum of understanding, which includes stopping multi-front conflicts, including in Lebanon; resuming commercial navigation through the Strait of Hormuz without charging tolls; the U.S. lifting the maritime blockade against Iran; and releasing about $25 billion in frozen Iranian overseas assets.
U.S. officials, however, said that one of the core elements of the agreement is that Iran has, in principle, agreed to give up its stockpile of highly enriched uranium, but the specific manner of handling it will be left to later nuclear talks to resolve. Iran said that the nuclear issue will continue to be negotiated over the next 30 to 60 days.
The report said that since the U.S. and Israel carried out strikes against Iran in February this year, the Strait of Hormuz has remained disrupted for a long time, and global energy markets have continued to face pressure. At present, about 1,500 ships are being held up near the Persian Gulf. Even if the agreement is formally put into effect, it may still take weeks or even months for shipping to return to normal.
In addition, Israeli Prime Minister Netanyahu has spoken with Trump multiple times by phone. In recent days, multiple countries—including the U.S., Saudi Arabia, Qatar, the UAE, and Pakistan—have also taken part in related mediation efforts. Some hawkish figures among U.S. Republicans have expressed concerns about the agreement, believing that allowing Iran to continue to retain nuclear capability would be a “catastrophic mistake.”