Trump says Iran deal reopening Strait of Hormuz 'largely negotiated,' will be announced soon

President Donald Trump said Saturday that a peace deal with Iran that would reopen the Strait of Hormuz is “largely negotiated” and will be announced shortly, a development that could end a conflict that has choked global energy markets and pushed U.S. inflation to its highest level in years.

Trump said in a social media post that he held calls from the Oval Office with the leaders of Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain, as well as Israeli Prime Minister Benjamin Netanyahu, all focused on finalizing terms with the Islamic Republic of Iran.

“An agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other countries,” Trump said in the post.

Details of the agreement are being discussed “and will be announced shortly,” he said, including reopening the vital Strait of Hormuz, a key chokepoint for global energy trade.

The deal under discussion includes a memorandum of understanding as a first phase, Iran’s foreign ministry said Saturday, before broader talks within 30 to 60 days.

Sticking points

Still, clear sticking points between the two sides appeared to remain.

Iran’s Fars news agency reported the Strait ⁠of Hormuz would remain under Iran’s management, according ⁠to ‌the latest ⁠exchanged text between Iran and ‌the U.S. The report dismissed ‌Trump’s ⁠announcement of reopening ⁠the ⁠strait as part of a “largely ‌negotiated” deal as “incomplete and inconsistent with reality.”

Trump also failed to mention any agreement on Iran's nuclear program or its highly enriched uranium, both of which his administration has repeatedly cited as critical to ending the war. Iran has sought to put off nuclear talks until after a formal cessation in hostilities.

Reuters quoted a senior Iranian source as saying Sunday that Tehran has not agreed to hand over its highly enriched uranium stockpile, adding that the nuclear issue was not part of the preliminary agreement with the U.S.

Any announcement from the Trump administration may be delayed after gunshots were heard very near the White House, prompting a security lockdown.

On a visit to India, U.S. Secretary of State Marco Rubio said he believes more news on the Iranian situation could come later on Sunday and that progress has been made over the last two days to resolve the conflict, according to Reuters.

Earlier Saturday, the Financial Times reported that a potential deal would establish a framework for nuclear talks, ease sanctions on Iran and unfreeze Tehran's overseas assets.

There has been a fragile ceasefire in place since April 8, punctuated by skirmishes as the U.S. and Iran jockey over the Strait of Hormuz. The conflict has set off what Gulf states called the worst global energy crisis in decades, with higher energy prices in the U.S. feeding rising inflation and expectations that the Federal Reserve may need to increase interest rates.

Pakistani and Qatari negotiators held talks with Iranian counterparts on Thursday and Friday, while staying in regular contact with U.S. envoy Steve Witkoff, the FT reported.

Iran’s top negotiator told a Pakistani counterpart that Iran wouldn’t compromise its “legitimate rights” and expressed distrust of the U.S., Reuters reported Saturday.

Iran's armed forces have rebuilt capabilities damaged since the start of the conflict in late February, Iran's Parliament Speaker Mohammad Baqer Qalibaf said per Reuters.

A major sticking point has been Trump’s demand that Iran surrender its enriched uranium and permanently relinquish any nuclear weapons capacity.