US and Iran signal deal looms as Hormuz tensions flare

The United States and Iran are signaling that a deal to end their war is imminent, with a senior US administration official indicating that both sides have agreed on a text and an initial agreement is expected within days. Iranian Foreign Minister Abbas Araqchi declared that Iran had emerged stronger from the conflict, stating on state television, "Iran is the winner of the war with the US."

Hours after these remarks, US forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a waterway crucial for global oil transport. A source familiar with the matter told journalists that the drones posed a threat to commercial traffic. US Central Command confirmed the action, stating the waterway remained open for transit.

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Iran is the winner of the war with the US.

Reports from various sources suggest the proposed memorandum of understanding includes reopening the strait and lifting the US naval blockade on Iranian ports. While negotiations over Iran's nuclear program, the stated reason for the war, would occur afterward, the draft terms reportedly offer Tehran much of what it sought. This includes the potential release of billions in frozen Iranian assets and waivers on oil export sanctions in return for Iran's cooperation. The deal could be signed remotely as soon as Sunday, with Geneva or Europe as potential venues.

However, the draft proposal has drawn criticism, with Mr. Trump reportedly dismissing reports of terms favoring Iran as inaccurate. Despite minor differences in details, the proposals broadly offer Tehran significant concessions. Iran, along with Oman, would retain control of traffic through the Strait of Hormuz, which previously handled one-fifth of the world's oil and gas supply. "Our sword will always hang over the Strait of Hormuz," Araqchi stated.

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Our sword will always hang over the Strait of Hormuz.