Proposed US‑Iran MoU to Reopen Hormuz and Lift Sanctions
Iranian state media reported that a draft Memorandum of Understanding between the United States and Iran would require Tehran to reopen the Strait of Hormuz, a channel that carries roughly one‑fifth of global oil and gas supplies, and would obligate Washington to lift existing U.S. oil sanctions on Iran. The MoU also stipulates the release of frozen Iranian funds, but explicitly excludes any discussion of Iran’s missile programme, with finalisation to be completed by the relevant authorities.
The announcement coincided with a 4.3% decline in Brent crude futures, bringing the benchmark price down to $86.47 a barrel. The price had previously slipped below $90 a barrel on Thursday after President Donald Trump suggested that a settlement to end the four‑month‑old conflict with Iran might be imminent.
President Trump later told reporters that the United States and Iran had reached a deal to unblock the Strait of Hormuz and end the American naval blockade of Iranian ports. He indicated that a signing could occur within the next few days, possibly in Europe, and declared that “we ended the war with Iran today” and that Iran had agreed “never to have a nuclear weapon.”
In the same statements, Trump rescinded earlier threats of fresh attacks, cancelling strikes and bombings that had been scheduled for Thursday evening, and said that “discussions and final points” on the peace deal had been approved by all parties involved.
The story is developing, and further updates are expected as negotiations progress.
Reporting by Ambar Warrick.