The United States and Iran are close to finalizing a deal that would address the closure of the Strait of Hormuz, Iran’s stockpile of highly enriched uranium, and sanctions relief, according to regional officials. The agreement, which is still being negotiated, would unfold over a 60-day period and aims to stabilize global energy markets while addressing nuclear proliferation concerns.
Key Components of the Deal
Under the emerging agreement, Iran would dismantle its uranium stockpile, with some portions diluted and others potentially transferred to a third country, such as Russia. Iran possesses approximately 440.9 kilograms of uranium enriched to 60% purity, nearing weapons-grade levels. The deal would also see the gradual reopening of the Strait of Hormuz, a critical waterway for global oil shipments, which has been effectively closed since U.S. and Israeli military actions in late February.
“Significant progress, although not final progress, has been made,” said Secretary of State Marco Rubio during a visit to India.
Economic and Geopolitical Implications
The closure of the Strait of Hormuz has caused a spike in global oil and gas prices, creating ripple effects across the world economy. Reopening the strait and allowing Iran to sell oil through sanctions waivers would help alleviate these pressures. The U.S. and Iran would also negotiate the release of frozen Iranian funds and sanctions relief during the 60-day window.
The deal includes a ceasefire between Israel and the Iran-backed Hezbollah militant group in Lebanon, as well as a commitment to non-interference in the domestic affairs of regional countries. However, Iran remains cautious following two attacks during previous nuclear negotiations.
While President Donald Trump has stated that the deal has been “largely negotiated,” details are still being finalized. Pakistan’s army chief, Asim Munir, has played a key mediating role in the talks, shuttling between Iran and other stakeholders.