The United States and Iran could be nearing a major diplomatic breakthrough, with Iranian state media reporting that a proposed agreement would reopen the Strait of Hormuz and ease U.S. oil sanctions on Tehran.
According to Iran’s Mehr News Agency, the draft 14-point framework calls for the suspension of oil sanctions, the lifting of the U.S. naval blockade and the release of part of Iran’s frozen assets before final negotiations begin. The report also said Iran would reopen the Strait of Hormuz within 30 days of an agreement.
Additional provisions reportedly include the withdrawal of American forces from Iran and reconstruction commitments worth at least $300 billion from the U.S. and its allies.
Bloomberg reported that a deal could potentially be signed in Switzerland as early as Sunday, although Iran’s Foreign Ministry cautioned that reports about timing and location remain speculative.
President Donald Trump said Thursday that the United States had reached a settlement in principle with Iran, pending final documentation. According to the report, Trump also stated that the Strait of Hormuz would reopen once an agreement is finalized.
Optimism surrounding a possible deal lifted global stock markets and pushed oil prices lower as investors reacted to hopes of easing tensions in the region.
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Proposed Iran-U.S. deal would reopen Hormuz strait and lift oil sanctions, Iran state media says https://t.co/foOsIScX2g
— CNBC (@CNBC) June 12, 2026
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