A ship remains anchored on May 16, 2026 in the Strait of Hormuz, near Larak Island, Iran. Negotiations between the United States and Iran over opening the critical waterway have largely stalled, with the countries rejecting each other’s proposals to end the war that began when the United States and Israel attacked Iran on February 28.
Majid Saeedi | Getty Images News | Getty Images
Mediators believe they are close to reaching an agreement to extend the US ceasefire with Iran by 60 days and establish a framework for nuclear negotiations, according to the Financial Times. reported Saturday, citing people briefed on the negotiations.
The deal would include a gradual reopening of the Strait of Hormuz, a commitment to discuss Iran’s stockpile of enriched uranium, an easing of sanctions and a gradual unfreezing of Tehran’s assets abroad, the FT reported.
Iran’s Foreign Ministry spokesperson said Tehran was finalizing a “memorandum of understanding” to end the war initially, before moving to broader negotiations within 30 to 60 days.
“The deal appears to be going in the right direction. It is now in the hands of the Americans for review,” a diplomat briefed on the negotiations told the FT.
American President Donald Trump said he “got much closer” to an agreement with Iran, CBS News reported Saturday.
He will hold a conference call on Saturday to discuss the draft deal with Arab leaders and could make a decision on Sunday, Axios reported. reported.
A fragile ceasefire has been in place since April 8, punctuated by skirmishes as the United States and Iran dispute the Strait of Hormuz, a key passage for global energy trade. The conflict has triggered what Gulf states have called the worst global energy crisis in decades, with higher energy prices in the United States rising inflation And expectations that the Federal Reserve may have to raise interest rates.
Pakistani and Qatari negotiators held talks with their Iranian counterparts on Thursday and Friday, while remaining in regular contact with US envoy Steve Witkoff, the FT reported.
Iran’s chief negotiator said Pakistani counterpart says Iran will not compromise its “legitimate rights” and expresses distrust of the United States, Reuters reported SATURDAY.
Iran’s armed forces have rebuilt their damaged capabilities since the start of the conflict in late February, Iranian Parliament Speaker Mohammad Baqer Qalibaf said, according to Reuters.
A major sticking point remains Trump’s demand that Iran give up its enriched uranium and permanently abandon all nuclear capabilities, the FT said.
Trump also called on Iran to dismantle the Natanz, Fordow and Isfahan nuclear sites, which the United States bombed after joining Israel’s war against Iran last June.
Iran’s Foreign Ministry acknowledged that the two sides remained both “very far and very close” to an agreement, noting that the United States had presented “conflicting positions on several occasions.”
Trump said Monday that the United States had refrained from renewing its attacks on Iran this week while “serious negotiations” were underway.
Gulf states including Saudi Arabia, Qatar and the United Arab Emirates have urged Trump to halt the military assault, fearing Iranian retaliation against the region and further damage to global energy markets.
This story is developing. Please check again for updates.
