US, Iran close to signing Hormuz memorandum in Geneva
The US and Iran are close to signing a memorandum of understanding to reopen the Strait of Hormuz, possibly as early as Sunday in Geneva, according to Bloomberg. The deal would extend the truce by 60 days and end the US blockade of Iranian ports, but awaits approval from Iran’s supreme leader.
The United States and Iran are close to signing a memorandum of understanding to reopen the Strait of Hormuz, with a possible signing ceremony in Geneva as early as Sunday, Bloomberg reported Friday, citing senior officials. A senior Iranian official indicated that a deal was likely, though a G7 official cautioned that Iran has not yet confirmed it is ready for a signing ceremony. Communications between Tehran and Washington have been slow since the war began in February.
Deal details and obstacles
The arrangement would take the form of a memorandum rather than a final agreement, extending the US‑Iran truce by 60 days, reopening the strait, and ending the US blockade of Iranian ports. An Iranian Foreign Ministry spokesman said Tehran had “not yet reached a conclusion on this matter,” but suggested progress toward ending the conflict. It remained unclear whether the deal had been approved by Supreme Leader Mojtaba Khamenei, who has final authority over major foreign policy and military decisions.
Trump’s remarks and market impact
President Trump said Thursday that he had cancelled imminent airstrikes on Iran and claimed an agreement was nearly complete. Oil prices fell and equities rose after Trump’s remarks, with energy prices dropping further Friday. The potential deal comes as G7 leaders are set to gather in Evian, France, on June 15‑17.
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