US, Iran Near Strait of Hormuz Reopening Deal as G7 Eyes Memorandum
Updated
Updated · Bloomberg · Jun 12
US, Iran Near Strait of Hormuz Reopening Deal as G7 Eyes Memorandum
3 articles · Updated · Bloomberg · Jun 12
Summary
Senior officials said the US and Iran are close to an agreement to reopen the Strait of Hormuz, with talks converging ahead of next week’s G7 leaders’ meeting.
A senior Iranian official signaled overnight that a deal is likely, according to a G7 official briefed on the sensitive discussions.
G7 officials expect the arrangement to take the form of a memorandum of understanding rather than a final settlement, suggesting a first-step framework instead of a full peace accord.
The push follows an earlier proposed draft under which Iran would reopen the strait within 30 days in exchange for US sanctions relief; the waterway carries about 25% of global seaborne oil.
The U.S. and Iran may agree to peace, but will regional powers like Israel accept the terms of the deal?
A peace deal could reopen the Strait of Hormuz, but who will control this vital waterway and at what cost?
With Iran's nuclear knowledge secured, can this deal truly prevent the future development of a weapon?
Navigating the 2026 Iran-US 14-Point Agreement: Blockades, Nuclear Commitments, and Regional Power Plays
Overview
As of June 12, 2026, diplomatic efforts between Washington and Tehran are centered on a 14-point settlement plan, aiming to de-escalate tensions and provide a path toward sanctions relief. The United States has agreed to halt any increase in military deployment and refrain from new economic sanctions during negotiations, creating a more open environment for dialogue. These commitments are designed to prevent further escalation while a lasting resolution is pursued. The settlement plan is part of broader talks to establish a framework for peace, highlighting the urgent need for cooperation to address immediate regional and global risks.