US and Iran Reach Preliminary Deal to Reopen Strait of Hormuz
Washington and Tehran officials reached a preliminary agreement in principle on May 25, 2026, aimed at reopening the Strait of Hormuz. The deal, mediated by Qatar, would require Iran to dispose of its highly enriched uranium in exchange for the lifting of maritime blockades. While the agreement has yet to receive final approval from President Trump and Supreme Leader Khamenei, it has already led to a 4% drop in global oil prices. The framework currently excludes Iran's missile program.