In a significant diplomatic development, Iran has consented not to pursue the development of nuclear weapons and has agreed to reopen the strategic Strait of Hormuz. This decision comes as part of a peace deal mediated by President Trump, which will also see the United States release approximately $25 billion in Iranian assets that have been frozen. This announcement was made public by Tehran on Sunday.
Iranian authorities have expressed a measured optimism, hopeful that this agreement will bring an end to the conflict that has persisted for three and a half months, causing significant disruption to global markets. The potential resolution of this standoff is seen as a positive step forward, although challenges remain.
The framework of this deal was further bolstered by a statement on Saturday from U.S. President Donald Trump and Pakistani Prime Minister Shehbaz Sharif, indicating that the agreement would be formalized on Sunday. The agreement promises the immediate reopening of the Strait of Hormuz, a vital passageway through which 20% of the world’s oil supply is transported.
A spokesperson from the Iranian Foreign Ministry remarked that the finalization of the deal could occur within the coming days, underscoring the urgency and importance of this diplomatic initiative.
While the deal marks a crucial step towards easing tensions, it does not resolve all outstanding disputes between Tehran and Washington. However, it establishes a 60-day period dedicated to technical discussions aimed at addressing these lingering issues, as noted by Pakistani officials involved in the negotiations.
The US would also end its blockade of Iranian-linked ships coming out of the strait.
Shipping traffic through the narrow sea passage — through which 20% of the world’s oil flowed before the war — has has slowed to a trickle.
The apparent break in the log jam comes as Israel’s military announced Sunday it had launched strikes on neighboring Lebanon, targeting Hezbollah infrastructure in the capital, Beirut.
Israel’s Prime Minister Benjamin Netanyahu said the strikes were in response to Hezbollah attacks on the north of the country.
Tehran, which is Hezbollah’s main backer, last responded to Israeli strikes on Beirut with its own strikes on Israel last weekend.
Iran has also insisted previously that any US-Iran ceasefire must include an end to Israeli strikes on Lebanon.