Iran and United States reach tentative agreement to end hostilities and reopen Strait of Hormuz

May 29, 2026, 3:49:20 PM UTC(1 hour ago)

Impact: Medium

Affected Assets

Negotiators from Tehran and Washington have finalized a draft memorandum of understanding that includes a 60-day proposal to stabilize the region
The agreement reportedly covers the lifting of naval blockades in the Strait of Hormuz and establishes new limits on Iranian uranium enrichment levels
President Trump has convened a Situation Room meeting to make a final determination on endorsing the deal while Iranian officials maintain that enrichment rights remain a red line
Global oil markets have shown high volatility as the potential reopening of the waterway could restore critical supply routes trapped during the conflict
Indirect mediation by Pakistan and Qatar was instrumental in reaching this stage despite ongoing skirmishes and a fragile ceasefire established in April

🚨 IRAN'S FARS CITING SOURCES: AGREEMENT WITH U.S. IS IN THE FINAL STAGES OF RATIFICATION IN IRAN AND A FINAL DECISION HAS NOT YET BEEN MADE