U.S., Iran reportedly near interim Hormuz agreement

(Bloomberg) — The U.S. and Iran are moving closer to a potential agreement that could reopen the Strait of Hormuz, though negotiators remain divided on key provisions tied to sanctions relief, uranium enrichment and enforcement measures.

Senior U.S. officials said discussions are continuing and no final agreement has been approved, but both sides are working through remaining language tied to a possible extension of the fragile ceasefire that has held in recent weeks.

“Our relationship with Iran is becoming a much more professional and productive one,” President Donald Trump wrote Sunday in a social media post. He added that the U.S. blockade around the strait would remain in place until a final agreement is completed.

The negotiations have become increasingly important for global energy markets because the Strait of Hormuz handles roughly one-fifth of global oil and LNG trade. Shipping disruptions tied to the conflict have driven crude prices sharply higher this year and tightened tanker availability across the region.

According to U.S. officials, Iran has agreed in principle to dispose of its highly enriched uranium as part of a broader framework, while Washington could eventually ease some sanctions if Tehran complies with the terms of a final agreement.

However, Iranian officials and state-linked media have signaled that major disagreements remain unresolved. Iran continues demanding the release of frozen assets and has not publicly confirmed several provisions described by U.S. negotiators.

Iranian President Masoud Pezeshkian said Tehran is prepared to assure the international community that it is not pursuing nuclear weapons, while maintaining that the country seeks stability in the region.

U.S. Secretary of State Marco Rubio said there could be “some good news” regarding Hormuz negotiations, though Trump has also emphasized he will not rush into an agreement.

The talks have drawn criticism from some Republican lawmakers and national security advocates who argue the proposed framework does not go far enough in restricting Iran’s missile capabilities or uranium enrichment activities.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu reiterated that any final deal must eliminate the threat of Iranian nuclear weapons.

Axios previously reported that the draft framework could include a 60-day extension of the current ceasefire, reopening of Hormuz shipping lanes and limited resumption of Iranian oil exports while negotiations continue.

Despite signs of progress, both Washington and Tehran acknowledged that several core issues remain unresolved and that negotiations could still collapse before a final agreement is reached.