US, Iran Reportedly Near Deal: Strait of Hormuz Reopening, Sanctions Relief Eyed

Following four days of escalating tensions, U.S. President Donald Trump announced Thursday that a "very good deal to end the war" has been reached, potentially to be signed as early as this weekend. The White House stated that the date and location of the signing would be announced soon.

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very good deal to end the war

However, Iran's foreign ministry indicated on Friday that the Islamic Republic has not yet finalized its decision on the proposed "deal." According to Axios, which cited two informed sources, the agreement was approved by high Iranian authorities but possibly not by Supreme Leader Mojtaba Khamenei. The report also suggests a preliminary agreement was reached Wednesday evening after negotiations involving Qatari mediator Ali Al-Thawadi and Iranian Foreign Minister Abbas Araghchi.

Details emerging from Axios indicate the accord would involve the "immediate and toll-free" reopening of the Strait of Hormuz, a critical waterway through which 25% of global oil traffic passes during peacetime. This reopening is expected to restore maritime traffic volumes to pre-war levels within 30 days. In return, the U.S. blockade would reportedly be lifted.

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Until now, Iran has not yet reached a definitive conclusion regarding the agreement.

Additionally, Iran would benefit from a temporary 60-day suspension of sanctions, allowing it to sell oil. This would provide crucial revenue for Tehran, which earned approximately $43 billion from oil exports in 2024, according to the U.S. Energy Information Administration. These revenues, estimated by Reuters to be over $50 billion annually, are largely controlled by the Revolutionary Guards and fund state apparatus, military forces, and regional proxies.

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immediate and toll-free