What we know so far about the US-Iran deal

What we know so far about the US-Iran deal Submitted by MEE staff on Mon, 05/25/2026 - 15:34 Agreement would begin with 60-day ceasefire, during which Strait of Hormuz would open again US President Donald Trump speaks to members of the media after returning to the White House in Washington on 15 May 2026 (Kevin Dietsch/Getty Images via AFP) Off US President Donald Trump has indicated that a potential deal between the US and Iran is “largely negotiated”. If agreed, it could bring to an end a regional conflict which has lasted almost three months.  Markets were upbeat about the prospect of a deal on Monday morning, with Brent crude oil prices dropping nearly 6 percent to $97 a barrel.  The full terms of the deal are not public, but here’s what we know so far:  What will the deal entail? Tehran and Washington are close to signing a deal that would begin with a 60-day ceasefire extension, according to a US official cited by Axios.  During that time, the Strait of Hormuz - the narrow waterway through which a fifth of the world’s crude oil and liquified natural gas travels - would be reopened.  There would be no tolls to pass through the strait, and Iran would clear the mines it has laid near the waterway.  Once those mines are cleared, the US would lift its own blockade on Iranian ports which have been in place in recent weeks.  Iran would also be permitted to sell oil during those two months, temporarily circumventing US sanctions. The American official told Axios that while this would benefit Iran’s economy, it would also ease pressure on global oil markets.  The two sides would then use the time to negotiate over Iran’s n...

Original source: Middle East Eye